Verition Fund Management LLC Lowers Stake in Powell Industries, Inc. (NASDAQ:POWL)

Verition Fund Management LLC reduced its stake in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 64.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,400 shares of the industrial products company's stock after selling 15,440 shares during the quarter. Verition Fund Management LLC owned 0.07% of Powell Industries worth $1,865,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of POWL. Price T Rowe Associates Inc. MD acquired a new stake in Powell Industries in the 1st quarter valued at about $375,000. GAMMA Investing LLC increased its stake in shares of Powell Industries by 38.2% during the 2nd quarter. GAMMA Investing LLC now owns 286 shares of the industrial products company's stock worth $41,000 after purchasing an additional 79 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Powell Industries by 80.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 4,308 shares of the industrial products company's stock worth $618,000 after purchasing an additional 1,919 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Powell Industries in the 2nd quarter valued at approximately $1,403,000. Finally, Transform Wealth LLC grew its holdings in 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 during the last quarter. Institutional investors and hedge funds own 89.77% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut 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 the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 682,265 shares of the company's stock, valued at approximately $145,704,513.40. This trade represents a 3.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 60,000 shares of company stock valued at $14,679,842 in the last quarter. 2.20% of the stock is currently owned by company insiders.

Powell Industries Price Performance

NASDAQ:POWL traded down $4.87 on Friday, reaching $280.37. The stock had a trading volume of 286,411 shares, compared to its average volume of 384,003. The firm's fifty day moving average is $274.14 and its two-hundred day moving average is $202.55. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 22.79, a P/E/G ratio of 1.37 and a beta of 0.85. Powell Industries, Inc. has a 12-month low of $76.29 and a 12-month high of $364.98.

Powell Industries Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.06 annualized dividend and a yield of 0.38%. Powell Industries's dividend payout ratio (DPR) is presently 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.