Geode Capital Management LLC Raises Stake in Powell Industries, Inc. (NASDAQ:POWL)

Geode Capital Management LLC grew its stake in Powell Industries, Inc. (NASDAQ:POWL) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 257,049 shares of the industrial products company’s stock after purchasing an additional 9,692 shares during the period. Geode Capital Management LLC owned approximately 2.14% of Powell Industries worth $57,071,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of POWL. State Street Corp grew its holdings in Powell Industries by 0.9% during the third quarter. State Street Corp now owns 362,717 shares of the industrial products company’s stock worth $80,520,000 after acquiring an additional 3,403 shares during the period. American Century Companies Inc. boosted its position in shares of Powell Industries by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 274,388 shares of the industrial products company’s stock worth $39,347,000 after buying an additional 35,818 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Powell Industries in the 3rd quarter valued at about $30,038,000. Bank of New York Mellon Corp increased its holdings in Powell Industries by 1.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 99,517 shares of the industrial products company’s stock valued at $14,271,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Powell Industries by 1,119.3% during the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock worth $21,886,000 after acquiring an additional 90,504 shares during the last quarter. 89.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Powell Industries

In related news, major shareholder Thomas W. Powell sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $213.56, for a total value of $5,339,000.00. Following the completion of the transaction, the insider now directly owns 682,265 shares in the company, valued at approximately $145,704,513.40. This represents a 3.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 60,000 shares of company stock worth $14,679,842 over the last quarter. 2.20% of the stock is currently owned by insiders.

Powell Industries Price Performance

NASDAQ:POWL opened at $245.80 on Monday. The firm has a market cap of $2.95 billion, a PE ratio of 20.00, a P/E/G ratio of 1.31 and a beta of 0.85. The firm has a 50 day simple moving average of $276.96 and a 200-day simple moving average of $207.61. Powell Industries, Inc. has a 1-year low of $76.29 and a 1-year high of $364.98.

Powell Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Wednesday, November 20th. Powell Industries’s dividend payout ratio is presently 8.62%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on POWL shares. Roth Capital raised shares of Powell Industries to a “strong-buy” rating in a research note on Tuesday, December 10th. StockNews.com cut Powell Industries from a “buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Roth Mkm initiated coverage on Powell Industries in a research note on Wednesday, December 11th. They set a “buy” rating and a $312.00 price objective on the stock.

About Powell Industries

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.