Principal Financial Group Inc. Grows Position in Powell Industries, Inc. (NASDAQ:POWL)

Principal Financial Group Inc. raised its stake in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 5.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 51,507 shares of the industrial products company's stock after buying an additional 2,793 shares during the period. Principal Financial Group Inc. owned about 0.43% of Powell Industries worth $11,434,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd grew its holdings in shares of Powell Industries by 21.8% in the third quarter. Covestor Ltd now owns 229 shares of the industrial products company's stock worth $51,000 after acquiring an additional 41 shares during the period. Chartwell Investment Partners LLC grew its stake in shares of Powell Industries by 0.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 7,711 shares of the industrial products company's stock valued at $1,712,000 after purchasing an additional 60 shares during the period. Farther Finance Advisors LLC increased its position in shares of Powell Industries by 110.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 105 shares during the last quarter. Diversified Trust Co lifted its stake in shares of Powell Industries by 7.1% in the 3rd quarter. Diversified Trust Co now owns 1,733 shares of the industrial products company's stock worth $385,000 after purchasing an additional 115 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Powell Industries by 64.3% in the third quarter. KBC Group NV now owns 322 shares of the industrial products company's stock worth $71,000 after buying an additional 126 shares during the last quarter. 89.77% of the stock is owned by institutional investors.

Powell Industries Trading Down 1.7 %

POWL traded down $4.01 on Monday, hitting $227.06. 387,145 shares of the company's stock traded hands, compared to its average volume of 389,403. The company's 50 day simple moving average is $273.03 and its 200-day simple moving average is $210.30. Powell Industries, Inc. has a one year low of $76.29 and a one year high of $364.98. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.31 and a beta of 0.85.

Powell Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th were issued a $0.265 dividend. This represents a $1.06 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Wednesday, November 20th. Powell Industries's dividend payout ratio (DPR) is presently 8.62%.

Insider Buying and Selling

In other news, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 1,658,328 shares in the company, valued at approximately $408,180,853.92. This represents a 0.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 35,000 shares of company stock worth $9,340,842. 2.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

POWL has been the topic of several analyst reports. StockNews.com upgraded shares of Powell Industries from a "hold" rating to a "buy" rating in a research note on Thursday. Roth Capital upgraded Powell Industries to a "strong-buy" rating in a research report on Tuesday, December 10th. Finally, Roth Mkm began coverage on Powell Industries in a research report on Wednesday, December 11th. They set a "buy" rating and a $312.00 price objective on the stock.

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.