Mirae Asset Global Investments Co. Ltd. trimmed its position in Powell Industries, Inc. (NASDAQ:POWL – Free Report) by 25.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 310,126 shares of the industrial products company’s stock after selling 108,643 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 2.62% of Powell Industries worth $13,208,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC acquired a new position in Powell Industries during the 4th quarter valued at approximately $38,000. National Bank of Canada FI acquired a new position in Powell Industries during the 1st quarter valued at approximately $59,000. Tower Research Capital LLC TRC boosted its position in Powell Industries by 48.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,584 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 515 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in Powell Industries during the 3rd quarter valued at approximately $47,000. Finally, Advisor Group Holdings Inc. acquired a new position in Powell Industries during the 4th quarter valued at approximately $112,000. 65.19% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, Director John David White sold 500 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $58.23, for a total value of $29,115.00. Following the sale, the director now owns 19,700 shares of the company’s stock, valued at approximately $1,147,131. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by insiders.
Powell Industries Stock Performance
Powell Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, August 16th will be given a dividend of $0.262 per share. The ex-dividend date is Tuesday, August 15th. This represents a $1.05 dividend on an annualized basis and a yield of 1.28%. Powell Industries’s dividend payout ratio (DPR) is presently 34.43%.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the company. StockNews.com lowered Powell Industries from a “strong-buy” rating to a “buy” rating in a research report on Thursday. TheStreet upgraded Powell Industries from a “c+” rating to a “b-” rating in a research report on Wednesday, May 3rd.
About Powell Industries
Powell Industries, Inc, together with its subsidiaries, designs, develops, manufactures, sells, and services custom-engineered equipment and systems for the distribution, control, and monitoring of electrical energy. 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, and bus duct systems, as well as traditional and arc-resistant distribution switchgears and control gears.
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