State Street Corp Acquires 3,403 Shares of Powell Industries, Inc. (NASDAQ:POWL)

State Street Corp raised its position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,717 shares of the industrial products company's stock after purchasing an additional 3,403 shares during the period. State Street Corp owned 3.03% of Powell Industries worth $80,520,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Cumberland Partners Ltd acquired a new stake in Powell Industries in the 3rd quarter worth approximately $555,000. Loomis Sayles & Co. L P acquired a new stake in shares of Powell Industries in the third quarter worth $7,225,000. Victory Capital Management Inc. boosted its holdings 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 during the period. Great Valley Advisor Group Inc. grew its stake in Powell Industries by 34.8% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 10,947 shares of the industrial products company's stock valued at $2,430,000 after buying an additional 2,827 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Powell Industries by 5.7% during the 3rd quarter. Principal Financial Group Inc. now owns 51,507 shares of the industrial products company's stock worth $11,434,000 after acquiring an additional 2,793 shares during the last quarter. 89.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Thomas W. Powell sold 25,000 shares of the company's stock in a transaction dated 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 owns 682,265 shares of the company's stock, valued at $145,704,513.40. The trade was a 3.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $14,679,842. Company insiders own 2.20% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on POWL shares. StockNews.com upgraded Powell Industries from a "hold" rating to a "buy" rating in a research note on Tuesday, December 10th. Roth Capital upgraded Powell Industries to a "strong-buy" rating in a report on Tuesday, December 10th. Finally, Roth Mkm assumed coverage on shares of Powell Industries in a research note on Wednesday, December 11th. They issued a "buy" rating and a $312.00 price objective on the stock.

Powell Industries Stock Down 4.5 %

POWL stock opened at $241.25 on Wednesday. Powell Industries, Inc. has a twelve month low of $76.29 and a twelve month high of $364.98. The company has a market cap of $2.90 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 1.31 and a beta of 0.85. The business's 50-day simple moving average is $277.84 and its 200 day simple moving average is $206.30.

Powell Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries's payout ratio 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.