Rockefeller Capital Management L.P. Makes New Investment in Powell Industries, Inc. (NASDAQ:POWL)

Rockefeller Capital Management L.P. bought a new stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 48,473 shares of the industrial products company's stock, valued at approximately $10,760,000. Rockefeller Capital Management L.P. owned 0.40% of Powell Industries as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in POWL. Transform Wealth LLC boosted its holdings in shares of Powell Industries by 25,920.5% during the 2nd quarter. Transform Wealth LLC now owns 1,674,162 shares of the industrial products company's stock valued at $240,075,000 after buying an additional 1,667,728 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Powell Industries by 1,119.3% in the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company's stock worth $21,886,000 after purchasing an additional 90,504 shares during the period. Driehaus Capital Management LLC bought a new position in shares of Powell Industries during the second quarter valued at approximately $11,658,000. Stephens Investment Management Group LLC bought a new stake in shares of Powell Industries in the 3rd quarter worth approximately $13,606,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Powell Industries in the 2nd quarter worth approximately $6,713,000. 89.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Powell Industries from a "buy" rating to a "hold" rating in a report on Saturday, November 23rd.

Insiders Place Their Bets

In related news, major shareholder Thomas W. Powell sold 25,000 shares of Powell Industries 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 sale, the insider now owns 682,265 shares of the company's stock, valued at $145,704,513.40. The trade was a 3.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 60,000 shares of company stock valued at $14,679,842. 2.20% of the stock is owned by insiders.

Powell Industries Trading Down 2.1 %

NASDAQ:POWL traded down $5.87 on Tuesday, reaching $268.93. 348,280 shares of the stock traded hands, compared to its average volume of 383,420. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 1.40 and a beta of 0.85. Powell Industries, Inc. has a 12 month low of $75.05 and a 12 month high of $364.98. The company's fifty day simple moving average is $270.14 and its 200 day simple moving average is $200.56.

Powell Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries's payout ratio is 8.62%.

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.