Voya Investment Management LLC cut its stake in Hubbell Inc (NYSE:HUBB) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,983 shares of the industrial products company’s stock after selling 1,106 shares during the period. Voya Investment Management LLC’s holdings in Hubbell were worth $2,148,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Meeder Asset Management Inc. grew its position in Hubbell by 2,397.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 935 shares during the last quarter. Acrospire Investment Management LLC grew its position in Hubbell by 103.1% during the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after acquiring an additional 500 shares during the last quarter. Global X Management Co. LLC grew its position in Hubbell by 220.0% during the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 1,210 shares during the last quarter. Oxford Asset Management bought a new stake in shares of Hubbell in the 1st quarter valued at about $215,000. Finally, Bridgewater Associates LP bought a new stake in shares of Hubbell in the 2nd quarter valued at about $234,000. 85.16% of the stock is owned by institutional investors.
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Several brokerages recently commented on HUBB. BidaskClub raised Hubbell from a “hold” rating to a “buy” rating in a research note on Friday. Zacks Investment Research raised Hubbell from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Morgan Stanley reissued an “overweight” rating and issued a $132.00 price objective (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Finally, Wolfe Research initiated coverage on Hubbell in a research note on Tuesday, July 11th. They issued a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $124.00.
Shares of Hubbell Inc (HUBB) opened at 126.16 on Friday. The stock has a market capitalization of $6.90 billion, a P/E ratio of 23.93 and a beta of 1.04. The company’s 50 day moving average price is $116.44 and its 200-day moving average price is $115.60. Hubbell Inc has a 12 month low of $101.61 and a 12 month high of $127.34.
Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The company had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $960.28 million. During the same quarter in the previous year, the company earned $1.63 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts predict that Hubbell Inc will post $5.49 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given 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 dividend yield of 2.44%. Hubbell’s dividend payout ratio (DPR) is 53.95%.
Hubbell announced that its Board of Directors has initiated a stock buyback plan on Friday, October 20th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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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