Powell Industries (NASDAQ:POWL) Trading 7% Higher Following Dividend Announcement

Powell Industries, Inc. (NASDAQ:POWL) was up 7% on Wednesday following a dividend announcement from the company. The company traded as high as $250.03 and last traded at $249.46. Approximately 143,102 shares were traded during trading, a decline of 70% from the average daily volume of 474,117 shares. The stock had previously closed at $233.14.

The newly announced dividend which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 19th will be given a dividend of $0.2675 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.43%. This is a positive change from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s dividend payout ratio is currently 8.62%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on POWL. StockNews.com lowered Powell Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Roth Capital upgraded Powell Industries to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Roth Mkm started coverage on Powell Industries in a research report on Wednesday, December 11th. They issued a “buy” rating and a $312.00 target price for the company.

Powell Industries Price Performance

The firm has a market cap of $2.97 billion, a P/E ratio of 20.14, a PEG ratio of 1.25 and a beta of 0.87. The stock’s 50 day moving average is $250.48 and its two-hundred day moving average is $229.03.

Insider Activity

In other news, major shareholder Thomas W. Powell sold 5,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 677,265 shares of the company’s stock, valued at approximately $235,512,131.10. This trade represents a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Powell Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake in shares of Powell Industries by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 5,294 shares of the industrial products company’s stock valued at $759,000 after purchasing an additional 151 shares during the last quarter. Creative Planning bought a new position in Powell Industries in the 2nd quarter valued at $310,000. GAMMA Investing LLC increased its stake in shares of Powell Industries by 62.9% in the 3rd quarter. GAMMA Investing LLC now owns 466 shares of the industrial products company’s stock valued at $103,000 after buying an additional 180 shares during the period. Diversified Trust Co raised its position in shares of Powell Industries by 7.1% during the third quarter. Diversified Trust Co now owns 1,733 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 115 shares during the last quarter. Finally, City Center Advisors LLC acquired a new position in shares of Powell Industries during the third quarter valued at $461,000. 89.77% of the stock is owned by institutional investors and hedge funds.

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.