Connor Clark & Lunn Investment Management Ltd. Sells 54,726 Shares of Powell Industries, Inc. (NASDAQ:POWL)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 96.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,819 shares of the industrial products company's stock after selling 54,726 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Powell Industries were worth $404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of POWL. Jennison Associates LLC purchased a new stake in Powell Industries during the 3rd quarter valued at $684,000. Quest Partners LLC purchased a new stake in Powell Industries during the 3rd quarter valued at $35,000. Empowered Funds LLC purchased a new stake in Powell Industries during the 3rd quarter valued at $9,891,000. KBC Group NV raised its holdings in Powell Industries by 64.3% during the 3rd quarter. KBC Group NV now owns 322 shares of the industrial products company's stock valued at $71,000 after buying an additional 126 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Powell Industries by 1,119.3% during the 3rd quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company's stock valued at $21,886,000 after buying an additional 90,504 shares during the period. 89.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Powell Industries

In other news, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $246.14, for a total transaction of $2,461,400.00. Following the transaction, the insider now owns 1,658,328 shares of the company's stock, valued at approximately $408,180,853.92. This represents a 0.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 60,000 shares of company stock valued at $14,679,842 in the last quarter. 2.20% of the stock is owned by insiders.

Powell Industries Stock Performance

Powell Industries stock traded up $5.03 during mid-day trading on Friday, hitting $267.38. The company's stock had a trading volume of 163,957 shares, compared to its average volume of 383,332. The company has a 50 day moving average of $268.98 and a 200-day moving average of $199.27. The stock has a market cap of $3.21 billion, a PE ratio of 21.76, a P/E/G ratio of 1.33 and a beta of 0.86. Powell Industries, Inc. has a one year low of $75.05 and a one year high of $364.98.

Powell Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 0.40%. The ex-dividend date is Wednesday, November 20th. Powell Industries's dividend payout ratio (DPR) is presently 8.62%.

Analyst Upgrades and Downgrades

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

Powell Industries 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.