Wellington Management Group LLP Buys New Shares in Powell Industries, Inc. (NASDAQ:POWL)

Wellington Management Group LLP bought a new position in shares of Powell Industries, Inc. (NASDAQ:POWL - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 135,313 shares of the industrial products company's stock, valued at approximately $30,038,000. Wellington Management Group LLP owned approximately 1.13% of Powell Industries at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Powell Industries in the 3rd quarter valued at about $30,000. Quest Partners LLC bought a new position in shares of Powell Industries during the third quarter worth approximately $35,000. Farther Finance Advisors LLC increased its holdings in shares of 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 purchasing an additional 105 shares during the period. Picton Mahoney Asset Management bought a new position in shares of Powell Industries during the second quarter worth approximately $47,000. Finally, Quarry LP bought a new position in shares of Powell Industries during the second quarter worth approximately $48,000. Institutional investors own 89.77% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on POWL. Roth Capital raised shares of Powell Industries to a "strong-buy" rating in a report on Tuesday. Roth Mkm started coverage on shares of Powell Industries in a research note on Wednesday. They issued a "buy" rating and a $312.00 price objective on the stock. Finally, StockNews.com raised shares of Powell Industries from a "hold" rating to a "buy" rating in a research note on Tuesday.

Powell Industries Price Performance

NASDAQ:POWL traded down $3.33 during mid-day trading on Friday, reaching $252.43. The stock had a trading volume of 241,344 shares, compared to its average volume of 385,537. The stock has a 50-day simple moving average of $277.75 and a two-hundred day simple moving average of $205.19. The stock has a market capitalization of $3.03 billion, a PE ratio of 20.81, 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.265 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 0.42%. Powell Industries's payout ratio is presently 8.62%.

Insiders Place Their Bets

In other news, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries 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 owns 677,265 shares in the company, valued at approximately $235,512,131.10. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 60,000 shares of company stock valued at $14,679,842. 2.20% of the stock is currently owned by insiders.

Powell Industries Company 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.