Renaissance Technologies LLC Decreases Position in Powell Industries, Inc. (NASDAQ:POWL)

Renaissance Technologies LLC decreased its position in shares of Powell Industries, Inc. (NASDAQ:POWL) by 53.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 158,035 shares of the industrial products company’s stock after selling 178,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Powell Industries were worth $35,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in POWL. Invesco Ltd. boosted its position in shares of Powell Industries by 134.0% during the fourth quarter. Invesco Ltd. now owns 265,139 shares of the industrial products company’s stock valued at $58,768,000 after buying an additional 151,850 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Powell Industries by 46.2% during the 4th quarter. Bank of Montreal Can now owns 1,988 shares of the industrial products company’s stock valued at $441,000 after acquiring an additional 628 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Powell Industries by 2,516.5% in the fourth quarter. Cerity Partners LLC now owns 38,751 shares of the industrial products company’s stock worth $8,589,000 after acquiring an additional 37,270 shares during the period. Sierra Summit Advisors LLC purchased a new position in shares of Powell Industries during the fourth quarter valued at approximately $550,000. Finally, Federated Hermes Inc. lifted its position in Powell Industries by 47,368.9% during the fourth quarter. Federated Hermes Inc. now owns 62,659 shares of the industrial products company’s stock valued at $13,888,000 after purchasing an additional 62,527 shares during the period. Institutional investors own 89.77% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Powell Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th.

Powell Industries Stock Performance

Shares of NASDAQ:POWL opened at $173.22 on Friday. Powell Industries, Inc. has a 52-week low of $122.00 and a 52-week high of $364.98. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 0.98 and a beta of 0.67. The stock’s 50-day simple moving average is $183.05 and its two-hundred day simple moving average is $233.94.

Powell Industries (NASDAQ:POWL) last announced its earnings results on Thursday, February 6th. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.03. Powell Industries had a net margin of 15.15% and a return on equity of 35.48%. As a group, equities analysts forecast that Powell Industries, Inc. will post 13.71 earnings per share for the current fiscal year.

Powell Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.2675 per share. This represents a $1.07 annualized dividend and a yield of 0.62%. The ex-dividend date was Wednesday, February 19th. This is a positive change from Powell Industries’s previous quarterly dividend of $0.27. Powell Industries’s payout ratio is currently 8.12%.

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.