Powell Industries (NASDAQ:POWL) Trading 8.7% Higher – Time to Buy?

Powell Industries, Inc. (NASDAQ:POWL) shot up 8.7% during mid-day trading on Wednesday . The stock traded as high as $292.28 and last traded at $292.28. 84,049 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 382,114 shares. The stock had previously closed at $268.93.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Powell Industries from a “buy” rating to a “hold” rating in a report on Saturday, November 23rd.

Powell Industries Price Performance

The firm’s 50-day moving average is $271.15 and its 200 day moving average is $201.34. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 1.40 and a beta of 0.85.

Powell Industries Dividend Announcement

The company also recently declared 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 0.37%. The ex-dividend date is Wednesday, November 20th. Powell Industries’s payout ratio is 8.62%.

Insiders Place Their Bets

In other Powell Industries news, major shareholder Thomas W. Powell sold 10,000 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $246.14, for a total transaction of $2,461,400.00. Following the sale, the insider now directly owns 1,658,328 shares of the company’s stock, valued at approximately $408,180,853.92. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 60,000 shares of company stock worth $14,679,842 in the last quarter. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Powell Industries

A number of large investors have recently modified their holdings of POWL. Transform Wealth LLC increased its holdings in shares of Powell Industries by 25,920.5% in the 2nd quarter. Transform Wealth LLC now owns 1,674,162 shares of the industrial products company’s stock worth $240,075,000 after acquiring an additional 1,667,728 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Powell Industries in the 3rd quarter worth about $30,038,000. Victory Capital Management Inc. grew its position in Powell Industries by 1,119.3% in the 3rd quarter. Victory Capital Management Inc. now owns 98,590 shares of the industrial products company’s stock valued at $21,886,000 after buying an additional 90,504 shares in the last quarter. Driehaus Capital Management LLC bought a new position in Powell Industries in the 2nd quarter valued at about $11,658,000. Finally, Stephens Investment Management Group LLC bought a new position in Powell Industries in the 3rd quarter valued at about $13,606,000. Institutional investors and hedge funds own 89.77% of the company’s stock.

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.