Powell Industries (NASDAQ:POWL) Stock Price Up 7% Following Dividend Announcement

Powell Industries, Inc. (NASDAQ:POWL)’s share price shot up 7% during trading on Wednesday after the company announced a dividend. The company traded as high as $250.03 and last traded at $249.46. 143,102 shares were traded during trading, a decline of 70% from the average session 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 $0.2675 dividend. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Powell Industries’s previous quarterly dividend of $0.27. This represents a $1.07 dividend on an annualized basis and a dividend yield of 0.44%. Powell Industries’s dividend payout ratio is 8.62%.

Analysts Set New Price Targets

A number of equities analysts recently commented on POWL shares. Roth Capital upgraded Powell Industries to a “strong-buy” rating in a research report on Tuesday, December 10th. StockNews.com downgraded Powell Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Roth Mkm initiated coverage on shares of Powell Industries in a research report on Wednesday, December 11th. They set a “buy” rating and a $312.00 price target on the stock.

Powell Industries Trading Up 5.0 %

The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.25 and a beta of 0.87. The stock’s fifty day moving average price is $250.13 and its 200-day moving average price is $229.14.

Insiders Place Their Bets

In related news, major shareholder Thomas W. Powell sold 5,000 shares of Powell Industries stock in a transaction that occurred 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 completion of the sale, the insider now owns 677,265 shares in the company, valued at approximately $235,512,131.10. This trade represents a 0.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Securities Inc. acquired a new stake in Powell Industries during the 4th quarter worth approximately $26,000. Hollencrest Capital Management purchased a new stake in shares of Powell Industries during the third quarter worth $30,000. Quest Partners LLC acquired a new stake in shares of Powell Industries in the third quarter valued at $35,000. Smartleaf Asset Management LLC boosted its holdings in Powell Industries by 455.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 161 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 132 shares during the period. Finally, Blue Trust Inc. acquired a new position in Powell Industries during the 4th quarter worth $40,000. Hedge funds and other institutional investors own 89.77% of the company’s stock.

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.