Powell Industries, Inc. (NASDAQ:POWL) Stake Decreased by Pitcairn Co.

Pitcairn Co. cut its holdings in shares of Powell Industries, Inc. (NASDAQ:POWL) by 23.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,502 shares of the industrial products company’s stock after selling 766 shares during the period. Pitcairn Co.’s holdings in Powell Industries were worth $555,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cumberland Partners Ltd acquired a new position in Powell Industries during the 3rd quarter worth $555,000. SG Americas Securities LLC bought a new stake in shares of Powell Industries during the second quarter valued at about $1,403,000. Victory Capital Management Inc. lifted its holdings in Powell Industries by 1,119.3% in the third quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock worth $21,886,000 after purchasing an additional 90,504 shares during the period. Principal Financial Group Inc. grew its position in Powell Industries by 5.7% in the 3rd quarter. Principal Financial Group Inc. now owns 51,507 shares of the industrial products company’s stock valued at $11,434,000 after buying an additional 2,793 shares in the last quarter. Finally, Raymond James & Associates increased its stake in Powell Industries by 18.9% during the 3rd quarter. Raymond James & Associates now owns 21,276 shares of the industrial products company’s stock valued at $4,723,000 after buying an additional 3,385 shares during the period. 89.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Powell Industries from a “buy” rating to a “hold” rating in a research note on Saturday.

Insiders Place Their Bets

In other news, major shareholder Thomas W. Powell sold 10,000 shares of Powell Industries stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $246.14, for a total value of $2,461,400.00. Following the transaction, the insider now owns 1,658,328 shares of the company’s stock, valued at $408,180,853.92. The trade was a 0.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 60,000 shares of company stock worth $14,679,842. 2.20% of the stock is owned by corporate insiders.

Powell Industries Stock Performance

Shares of NASDAQ POWL opened at $280.60 on Tuesday. Powell Industries, Inc. has a 1 year low of $75.05 and a 1 year high of $364.98. The stock has a fifty day moving average price of $262.79 and a two-hundred day moving average price of $196.90. The firm has a market cap of $3.37 billion, a P/E ratio of 22.83, a PEG ratio of 1.47 and a beta of 0.86.

Powell Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Wednesday, November 20th. Powell Industries’s payout ratio is currently 8.62%.

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.