Fifth Third Bancorp Purchases 7,217 Shares of Powell Industries, Inc. $POWL

Fifth Third Bancorp grew its holdings in Powell Industries, Inc. (NASDAQ:POWL) by 10,459.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,286 shares of the industrial products company’s stock after purchasing an additional 7,217 shares during the quarter. Fifth Third Bancorp’s holdings in Powell Industries were worth $3,942,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors purchased a new position in shares of Powell Industries in the 4th quarter valued at approximately $20,704,000. Hudson Bay Capital Management LP purchased a new stake in shares of Powell Industries in the third quarter worth about $3,098,000. Voss Capital LP grew its stake in shares of Powell Industries by 18.6% during the 4th quarter. Voss Capital LP now owns 350,000 shares of the industrial products company’s stock worth $111,573,000 after purchasing an additional 55,000 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in Powell Industries during the fourth quarter valued at $2,137,000. Finally, Rock Creek Group LP increased its stake in shares of Powell Industries by 1,900.0% in the 4th quarter. Rock Creek Group LP now owns 150,000 shares of the industrial products company’s stock valued at $47,817,000 after purchasing an additional 142,500 shares in the last quarter. 89.77% of the stock is currently owned by institutional investors.

Insider Activity at Powell Industries

In other Powell Industries news, Director Richard E. Williams sold 5,250 shares of Powell Industries stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $299.19, for a total transaction of $1,570,747.50. Following the completion of the transaction, the director owned 39,630 shares in the company, valued at approximately $11,856,899.70. The trade was a 11.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP William Marshall Mauney, Jr. sold 2,500 shares of Powell Industries stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $323.69, for a total value of $809,225.00. Following the transaction, the vice president owned 10,853 shares of the company’s stock, valued at $3,513,007.57. This represents a 18.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 55,088 shares of company stock worth $16,070,066. 2.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on POWL. Texas Capital raised shares of Powell Industries to a “strong-buy” rating in a report on Friday, March 27th. Cantor Fitzgerald lifted their price objective on Powell Industries from $160.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings downgraded shares of Powell Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on Powell Industries from $310.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Zacks Research cut Powell Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $236.67.

Powell Industries Price Performance

Shares of NASDAQ:POWL opened at $232.79 on Friday. Powell Industries, Inc. has a 12 month low of $69.00 and a 12 month high of $328.00. The firm has a market capitalization of $8.48 billion, a P/E ratio of 45.56, a P/E/G ratio of 3.04 and a beta of 1.13. The company’s fifty day moving average price is $277.14 and its 200 day moving average price is $216.00.

Powell Industries (NASDAQ:POWL) last issued its quarterly earnings data on Monday, May 4th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.09). The business had revenue of $296.62 million for the quarter, compared to analysts’ expectations of $298.12 million. Powell Industries had a return on equity of 28.61% and a net margin of 16.51%.The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $3.81 earnings per share. On average, sell-side analysts anticipate that Powell Industries, Inc. will post 5.47 EPS for the current year.

Powell Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, May 20th. Powell Industries’s dividend payout ratio (DPR) is currently 7.05%.

About Powell Industries

Powell Industries, Inc is an industrial electrical engineering company specializing in the design, manufacture and integration of customized power control and distribution solutions. The firm’s offerings range from medium‐voltage switchgear and power control centers to bus duct, motor control centers and specialty transformers. Powell also provides automation systems, protective relaying, metering, supervisory control and data acquisition (SCADA) platforms, and turnkey engineering services to help clients manage critical power infrastructure.

Serving the oil and gas, petrochemical, refining, utility, mining and industrial sectors, Powell’s products are engineered to meet demanding performance, safety and reliability requirements.