Powell Industries (NASDAQ:POWL) Shares Gap Up Following Earnings Beat

Powell Industries, Inc. (NASDAQ:POWL)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $143.00, but opened at $183.00. Powell Industries shares last traded at $177.32, with a volume of 323,899 shares changing hands.

The industrial products company reported $2.75 EPS for the quarter, beating the consensus estimate of $1.89 by $0.86. The company had revenue of $255.10 million during the quarter, compared to analysts’ expectations of $201.45 million. Powell Industries had a net margin of 10.10% and a return on equity of 22.30%. Powell Industries’s revenue for the quarter was up 48.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Powell Industries from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 1st.

Insider Transactions at Powell Industries

In other news, major shareholder Thomas W. Powell sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $174.38, for a total value of $871,900.00. Following the completion of the sale, the insider now directly owns 1,688,628 shares in the company, valued at approximately $294,462,950.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Thomas W. Powell sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $167.46, for a total transaction of $1,674,600.00. Following the completion of the sale, the insider now directly owns 1,703,628 shares in the company, valued at approximately $285,289,544.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Thomas W. Powell sold 5,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $174.38, for a total transaction of $871,900.00. Following the sale, the insider now owns 1,688,628 shares of the company’s stock, valued at $294,462,950.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,000 shares of company stock worth $4,850,830. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AJOVista LLC bought a new position in Powell Industries in the 4th quarter worth $29,000. Covestor Ltd raised its holdings in Powell Industries by 121.1% in the 3rd quarter. Covestor Ltd now owns 796 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 436 shares in the last quarter. Diversified Trust Co bought a new position in Powell Industries in the 1st quarter worth $212,000. Triasima Portfolio Management inc. bought a new position in Powell Industries in the 1st quarter worth $230,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Powell Industries in the 3rd quarter worth $137,000. 89.77% of the stock is currently owned by institutional investors.

Powell Industries Trading Up 22.6 %

The company’s fifty day simple moving average is $147.80 and its 200 day simple moving average is $111.79. The firm has a market capitalization of $2.10 billion, a P/E ratio of 27.52, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79.

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.