Advisors Asset Management Inc. raised its holdings in Hubbell Inc (NYSE:HUBB) by 1,122.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,613 shares of the industrial products company’s stock after purchasing an additional 1,481 shares during the quarter. Advisors Asset Management Inc.’s holdings in Hubbell were worth $187,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Quantbot Technologies LP increased its holdings in Hubbell by 33.3% in the third quarter. Quantbot Technologies LP now owns 6,699 shares of the industrial products company’s stock valued at $777,000 after purchasing an additional 1,675 shares during the last quarter. Riverhead Capital Management LLC grew its stake in Hubbell by 57.8% in the second quarter. Riverhead Capital Management LLC now owns 2,998 shares of the industrial products company’s stock valued at $339,000 after acquiring an additional 1,098 shares during the period. Nuance Investments LLC grew its stake in Hubbell by 141.3% in the second quarter. Nuance Investments LLC now owns 53,387 shares of the industrial products company’s stock valued at $6,042,000 after acquiring an additional 31,260 shares during the period. Legal & General Group Plc grew its stake in Hubbell by 17.3% in the second quarter. Legal & General Group Plc now owns 61,205 shares of the industrial products company’s stock valued at $6,928,000 after acquiring an additional 9,042 shares during the period. Finally, Neuberger Berman Group LLC grew its stake in Hubbell by 6.1% in the second quarter. Neuberger Berman Group LLC now owns 418,988 shares of the industrial products company’s stock valued at $47,417,000 after acquiring an additional 24,105 shares during the period. Hedge funds and other institutional investors own 85.21% of the company’s stock.
A number of research analysts have issued reports on the company. BidaskClub raised Hubbell from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Morgan Stanley reissued an “overweight” rating and issued a $132.00 target price (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Finally, Zacks Investment Research cut Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Hubbell currently has an average rating of “Hold” and a consensus price target of $124.00.
In other news, insider Gerben Bakker sold 590 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $125.34, for a total transaction of $73,950.60. Following the transaction, the insider now owns 13,249 shares in the company, valued at $1,660,629.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.28% of the stock is owned by corporate insiders.
Hubbell Inc (NYSE HUBB) traded up $3.19 on Friday, reaching $130.79. The company had a trading volume of 499,700 shares, compared to its average volume of 289,270. Hubbell Inc has a fifty-two week low of $109.32 and a fifty-two week high of $130.94. The company has a market capitalization of $6,979.72, a price-to-earnings ratio of 22.23, a PEG ratio of 2.35 and a beta of 1.09. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59.
Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.15. The business had revenue of $950.50 million for the quarter, compared to analyst estimates of $960.28 million. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. Hubbell’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. equities research analysts anticipate that Hubbell Inc will post 5.44 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.77 dividend. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $3.08 annualized dividend and a yield of 2.35%. Hubbell’s dividend payout ratio is currently 59.34%.
Hubbell announced that its Board of Directors has initiated a share buyback program on Friday, October 20th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.
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