Raymond James Financial Inc. bought a new stake in Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 101,765 shares of the industrial products company's stock, valued at approximately $22,556,000. Raymond James Financial Inc. owned approximately 0.84% of Powell Industries at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in shares of Powell Industries in the third quarter valued at approximately $30,038,000. Victory Capital Management Inc. lifted its position in shares of 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 worth $21,886,000 after buying an additional 90,504 shares in the last quarter. WCM Investment Management LLC bought a new position in shares of Powell Industries during the 4th quarter worth approximately $14,261,000. Sanctuary Advisors LLC purchased a new position in shares of Powell Industries in the 3rd quarter worth approximately $12,176,000. Finally, Cibc World Market Inc. grew its holdings in shares of Powell Industries by 438.8% in the fourth quarter. Cibc World Market Inc. now owns 60,746 shares of the industrial products company's stock valued at $13,464,000 after acquiring an additional 49,471 shares in the last quarter. 89.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
POWL has been the subject of a number of recent research reports. StockNews.com upgraded shares of Powell Industries from a "hold" rating to a "buy" rating in a research note on Tuesday, March 11th. Roth Capital upgraded shares of Powell Industries to a "strong-buy" rating in a research report on Tuesday, December 10th. Finally, Roth Mkm started coverage on Powell Industries in a research report on Wednesday, December 11th. They issued a "buy" rating and a $312.00 price objective on the stock.
Read Our Latest Analysis on POWL
Powell Industries Stock Performance
Shares of NASDAQ POWL traded up $0.11 during trading hours on Wednesday, hitting $181.61. The company's stock had a trading volume of 268,877 shares, compared to its average volume of 414,336. Powell Industries, Inc. has a 12 month low of $122.00 and a 12 month high of $364.98. The business has a 50-day simple moving average of $212.71 and a 200-day simple moving average of $234.41. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 13.79, a P/E/G ratio of 0.98 and a beta of 0.83.
Powell Industries (NASDAQ:POWL - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The industrial products company reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.03. Powell Industries had a net margin of 15.15% and a return on equity of 35.48%. On average, equities research analysts forecast that Powell Industries, Inc. will post 13.71 EPS for the current year.
Powell Industries Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.2675 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Powell Industries's previous quarterly dividend of $0.27. Powell Industries's payout ratio is 8.12%.
Powell Industries Company Profile
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Free Report)
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.
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