Powell Industries, Inc. (NASDAQ:POWL) Shares Sold by Eagle Asset Management Inc.

Eagle Asset Management Inc. reduced its stake in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,397 shares of the industrial products company's stock after selling 3,108 shares during the quarter. Eagle Asset Management Inc. owned about 0.43% of Powell Industries worth $11,410,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Hollencrest Capital Management acquired a new position in shares of Powell Industries in the third quarter valued at approximately $30,000. Quest Partners LLC purchased a new stake in shares of Powell Industries during the 3rd quarter worth $35,000. Farther Finance Advisors LLC boosted its holdings in Powell Industries by 110.5% during the third quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company's stock worth $44,000 after buying an additional 105 shares in the last quarter. Covestor Ltd increased its stake in Powell Industries by 21.8% in the 3rd quarter. Covestor Ltd now owns 229 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 41 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Powell Industries by 38.2% in the 2nd quarter. GAMMA Investing LLC now owns 286 shares of the industrial products company's stock worth $41,000 after buying an additional 79 shares in the last quarter. 89.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Powell Industries news, major shareholder Thomas W. Powell sold 5,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $347.74, for a total transaction of $1,738,700.00. Following the transaction, the insider now directly owns 677,265 shares in the company, valued at $235,512,131.10. This represents a 0.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction, the director now directly owns 9,660 shares of the company's stock, valued at approximately $1,795,214.40. This represents a 40.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,600 shares of company stock valued at $15,906,386. 2.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Powell Industries Stock Up 0.7 %

Shares of POWL stock traded up $1.89 during trading hours on Friday, hitting $289.88. 438,174 shares of the company were exchanged, compared to its average volume of 519,577. The firm has a market cap of $3.48 billion, a PE ratio of 23.59, a PEG ratio of 1.65 and a beta of 0.86. Powell Industries, Inc. has a 1 year low of $75.05 and a 1 year high of $364.98. The firm has a fifty day moving average of $260.58 and a 200 day moving average of $195.82.

Powell Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors 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 yield of 0.37%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries's payout ratio is currently 8.62%.

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.