Corebridge Financial Inc. Sells 388 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Corebridge Financial Inc. reduced its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 7.2% in the fourth quarter, HoldingsChannel reports. The fund owned 4,977 shares of the industrial products company’s stock after selling 388 shares during the period. Corebridge Financial Inc.’s holdings in Powell Industries were worth $1,103,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Powell Industries by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 688,058 shares of the industrial products company’s stock valued at $152,508,000 after purchasing an additional 24,997 shares during the last quarter. State Street Corp increased its position in Powell Industries by 0.9% during the 3rd quarter. State Street Corp now owns 362,717 shares of the industrial products company’s stock valued at $80,520,000 after buying an additional 3,403 shares in the last quarter. American Century Companies Inc. raised its stake in Powell Industries by 8.3% during the fourth quarter. American Century Companies Inc. now owns 351,750 shares of the industrial products company’s stock valued at $77,965,000 after buying an additional 27,029 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Powell Industries by 3.9% in the third quarter. Geode Capital Management LLC now owns 257,049 shares of the industrial products company’s stock worth $57,071,000 after acquiring an additional 9,692 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Powell Industries in the third quarter worth $30,038,000. Institutional investors own 89.77% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Roth Capital upgraded shares of Powell Industries to a “strong-buy” rating in a research note on Tuesday, December 10th. Roth Mkm began coverage on shares of Powell Industries in a research note on Wednesday, December 11th. They issued a “buy” rating and a $312.00 target price on the stock. Finally, StockNews.com upgraded shares of Powell Industries from a “hold” rating to a “buy” rating in a report on Tuesday, March 11th.

Powell Industries Price Performance

Shares of NASDAQ:POWL opened at $164.45 on Friday. Powell Industries, Inc. has a 1 year low of $122.00 and a 1 year high of $364.98. The stock’s fifty day moving average price is $192.23 and its 200-day moving average price is $235.27. The company has a market cap of $1.98 billion, a P/E ratio of 12.49, a PEG ratio of 0.98 and a beta of 0.83.

Powell Industries (NASDAQ:POWL) last posted its earnings results on Thursday, February 6th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.03. Powell Industries had a net margin of 15.15% and a return on equity of 35.48%. On average, sell-side analysts anticipate that Powell Industries, Inc. will post 13.71 earnings per share for the current year.

Powell Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 19th were given a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend was Wednesday, February 19th. This is an increase from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s payout ratio is 8.12%.

Powell Industries Company Profile

Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems. The company’s principal products include integrated power control room substations, custom-engineered modules, electrical houses, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.