Massachusetts Financial Services Co. MA lowered its position in Hubbell Incorporated (NYSE:HUBB) by 20.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,133 shares of the industrial products company’s stock after selling 816 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Hubbell were worth $418,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its holdings in shares of Hubbell by 25.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 10,820 shares of the industrial products company’s stock valued at $1,143,000 after acquiring an additional 2,220 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Hubbell by 28.5% in the second quarter. Xact Kapitalforvaltning AB now owns 8,123 shares of the industrial products company’s stock worth $859,000 after purchasing an additional 1,800 shares during the last quarter. Selz Capital LLC bought a new stake in Hubbell in the second quarter worth about $26,224,000. ELCO Management Co. LLC bought a new stake in Hubbell in the second quarter worth about $483,000. Finally, Retirement Systems of Alabama lifted its stake in Hubbell by 3.2% in the second quarter. Retirement Systems of Alabama now owns 129,608 shares of the industrial products company’s stock worth $13,705,000 after purchasing an additional 4,075 shares during the last quarter. Hedge funds and other institutional investors own 86.68% of the company’s stock.
Several analysts have issued reports on HUBB shares. Zacks Investment Research raised shares of Hubbell from a “hold” rating to a “buy” rating and set a $136.00 price objective for the company in a research note on Thursday, July 26th. Wolfe Research raised shares of Hubbell to a “buy” rating and set a $131.00 price objective for the company in a research note on Wednesday, October 24th. They noted that the move was a valuation call. Morgan Stanley set a $131.00 price objective on shares of Hubbell and gave the stock a “buy” rating in a research note on Wednesday, October 24th. ValuEngine raised shares of Hubbell from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Finally, Wells Fargo & Co reissued an “outperform” rating and issued a $140.00 price objective (up previously from $135.00) on shares of Hubbell in a research note on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $137.83.
In related news, Director John F. Malloy bought 994 shares of Hubbell stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $100.82 per share, with a total value of $100,215.08. Following the completion of the transaction, the director now owns 13,020 shares in the company, valued at approximately $1,312,676.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Neal J. Keating bought 1,000 shares of Hubbell stock in a transaction dated Monday, October 29th. The shares were bought at an average cost of $101.55 per share, for a total transaction of $101,550.00. Following the completion of the transaction, the director now owns 6,971 shares of the company’s stock, valued at approximately $707,905.05. The disclosure for this purchase can be found here. Company insiders own 0.69% of the company’s stock.
Shares of NYSE HUBB opened at $110.00 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.88 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.52 and a beta of 1.34. Hubbell Incorporated has a 1 year low of $97.02 and a 1 year high of $149.03.
Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 23rd. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.11 by $0.11. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. Hubbell had a net margin of 6.88% and a return on equity of 23.08%. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share. On average, sell-side analysts predict that Hubbell Incorporated will post 7.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be given a dividend of $0.84 per share. The ex-dividend date is Thursday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $0.77. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.05%. Hubbell’s dividend payout ratio (DPR) is 51.94%.
Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies for the natural gas distribution market.
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