Jennison Associates LLC Makes New Investment in Powell Industries, Inc. (NASDAQ:POWL)

Jennison Associates LLC acquired a new position in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,079 shares of the industrial products company's stock, valued at approximately $684,000.

Several other hedge funds have also modified their holdings of the company. ProShare Advisors LLC acquired a new position in Powell Industries in the 1st quarter worth about $266,000. State Board of Administration of Florida Retirement System lifted its holdings in Powell Industries by 135.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 6,175 shares of the industrial products company's stock valued at $879,000 after purchasing an additional 3,550 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Powell Industries by 2.7% in the first quarter. Vanguard Group Inc. now owns 656,428 shares of the industrial products company's stock valued at $93,410,000 after purchasing an additional 17,177 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in shares of Powell Industries during the first quarter worth about $329,000. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Powell Industries by 4.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 8,138 shares of the industrial products company's stock worth $1,155,000 after purchasing an additional 310 shares during the last quarter. 89.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James W. Mcgill sold 6,600 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $185.84, for a total transaction of $1,226,544.00. Following the completion of the transaction, the director now directly owns 9,660 shares in the company, valued at $1,795,214.40. This trade represents a 40.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Thomas W. Powell sold 25,000 shares of Powell Industries stock in a transaction on Wednesday, September 25th. The shares were 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 directly 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 disclosure for this sale can be found here. Insiders sold a total of 66,600 shares of company stock valued at $15,906,386 in the last 90 days. Company insiders own 2.20% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com cut Powell Industries from a "buy" rating to a "hold" rating in a research report on Saturday.

Powell Industries Price Performance

POWL traded up $1.89 on Friday, reaching $289.88. 438,174 shares of the company's stock were exchanged, compared to its average volume of 519,577. The stock's fifty day moving average price is $260.58 and its 200-day moving average price is $196.09. Powell Industries, Inc. has a twelve month low of $75.05 and a twelve month high of $364.98. The stock has a market cap of $3.48 billion, a PE ratio of 23.59, a P/E/G ratio of 1.65 and a beta of 0.86.

Powell Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.06 annualized dividend and a dividend yield of 0.37%. Powell Industries's payout ratio is 8.62%.

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.