JPMorgan Chase & Co. Raises Holdings in Powell Industries, Inc. (NASDAQ:POWL)

JPMorgan Chase & Co. increased its position in Powell Industries, Inc. (NASDAQ:POWL) by 101.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 26,858 shares of the industrial products company’s stock after acquiring an additional 13,531 shares during the quarter. JPMorgan Chase & Co. owned about 0.22% of Powell Industries worth $5,962,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in shares of Powell Industries in the third quarter valued at approximately $30,000. Quest Partners LLC bought a new stake in Powell Industries during the 3rd quarter valued at $35,000. Farther Finance Advisors LLC lifted its position in shares of Powell Industries by 110.5% during the third quarter. Farther Finance Advisors LLC now owns 200 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 105 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Powell Industries by 21.8% in the third quarter. Covestor Ltd now owns 229 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 41 shares during the period. Finally, UMB Bank n.a. grew its position in shares of Powell Industries by 155.3% in the third quarter. UMB Bank n.a. now owns 314 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 191 shares in the last quarter. 89.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Thomas W. Powell sold 5,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $347.74, for a total value of $1,738,700.00. Following the transaction, the insider now owns 677,265 shares of the company’s stock, valued at $235,512,131.10. This represents a 0.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Roth Mkm assumed coverage on Powell Industries in a research note on Wednesday, December 11th. They issued a “buy” rating and a $312.00 target price for the company. Roth Capital raised shares of Powell Industries to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, StockNews.com raised shares of Powell Industries from a “hold” rating to a “buy” rating in a research note on Tuesday.

Powell Industries Stock Performance

Shares of POWL stock opened at $249.24 on Thursday. The company has a market capitalization of $3.01 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 1.31 and a beta of 0.88. Powell Industries, Inc. has a 52-week low of $76.29 and a 52-week high of $364.98. The business’s fifty day moving average is $265.25 and its 200 day moving average is $216.68.

Powell Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 20th were issued a $0.265 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $1.06 annualized dividend and a dividend yield of 0.43%. Powell Industries’s payout ratio is currently 8.62%.

Powell Industries 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.