Powell Industries (NASDAQ:POWL) Stock Price Down 5.5% – Here’s Why

Powell Industries, Inc. (NASDAQ:POWL)’s share price fell 5.5% on Monday . The stock traded as low as $261.03 and last traded at $265.02. 98,223 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 382,531 shares. The stock had previously closed at $280.37.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Powell Industries from a “hold” rating to a “buy” rating in a research report on Tuesday.

Powell Industries Trading Down 3.1 %

The stock has a market cap of $3.00 billion, a PE ratio of 20.33, a PEG ratio of 1.42 and a beta of 0.85. The firm has a fifty day simple moving average of $276.51 and a two-hundred day simple moving average of $204.37.

Powell Industries Dividend Announcement

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

Insiders Place Their Bets

In other Powell Industries news, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $347.74, for a total transaction of $1,738,700.00. Following the completion of the sale, the insider now owns 677,265 shares of the company’s stock, valued at $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 SEC, which is available at this hyperlink. Insiders sold a total of 60,000 shares of company stock valued at $14,679,842 in the last quarter. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Powell Industries

A number of large investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its stake in Powell Industries by 2.5% in the third quarter. Franklin Resources Inc. now owns 20,098 shares of the industrial products company’s stock worth $4,462,000 after buying an additional 497 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Powell Industries in the 3rd quarter valued at $2,366,000. Sanctuary Advisors LLC bought a new position in shares of Powell Industries during the 3rd quarter valued at $12,176,000. Invst LLC raised its position in Powell Industries by 18.5% in the 3rd quarter. Invst LLC now owns 4,977 shares of the industrial products company’s stock worth $1,105,000 after purchasing an additional 776 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Powell Industries by 3.9% in the third quarter. Geode Capital Management LLC now owns 257,049 shares of the industrial products company’s stock worth $57,071,000 after purchasing an additional 9,692 shares during the last quarter. 89.77% of the stock is owned by hedge funds and other institutional investors.

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.