Highbridge Capital Management LLC purchased a new position in shares of Hubbell Inc (NYSE:HUBB) in the third quarter, according to its most recent filing with the SEC. The firm purchased 2,540 shares of the industrial products company’s stock, valued at approximately $294,000.
Other institutional investors have also modified their holdings of the company. Acrospire Investment Management LLC raised its holdings in shares of Hubbell by 103.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 500 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Hubbell in the 2nd quarter valued at approximately $182,000. Advisors Asset Management Inc. grew its stake in Hubbell by 1,122.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after buying an additional 1,481 shares in the last quarter. Global X Management Co. LLC grew its stake in Hubbell by 220.0% in the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock valued at $199,000 after buying an additional 1,210 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in Hubbell in the 3rd quarter valued at approximately $221,000. Hedge funds and other institutional investors own 85.10% of the company’s stock.
Hubbell Inc (HUBB) traded up $1.13 during trading on Thursday, reaching $135.29. 363,908 shares of the company’s stock traded hands, compared to its average volume of 372,276. The company has a market capitalization of $7,435.37, a P/E ratio of 26.07, a PEG ratio of 2.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43. Hubbell Inc has a 1-year low of $109.32 and a 1-year high of $138.96.
Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.50 by $0.15. The firm had revenue of $950.50 million during the quarter, compared to the consensus estimate of $960.28 million. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 earnings per share. analysts predict that Hubbell Inc will post 5.45 earnings per share for the current year.
Hubbell declared that its board has authorized a stock buyback program on Friday, October 20th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were issued a dividend of $0.77 per share. This is a boost from Hubbell’s previous quarterly dividend of $0.70. The ex-dividend date was Wednesday, November 29th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.28%. Hubbell’s dividend payout ratio is presently 59.34%.
In other news, insider Gerben Bakker sold 590 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the sale, the insider now owns 13,249 shares in the company, valued at $1,660,629.66. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.28% of the company’s stock.
A number of research analysts have recently commented on HUBB shares. Zacks Investment Research upgraded shares of Hubbell from a “hold” rating to a “buy” rating and set a $149.00 price target for the company in a research report on Thursday, January 4th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Hubbell in a report on Thursday, December 28th. BidaskClub raised shares of Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Wells Fargo & Co reaffirmed a “buy” rating and set a $143.00 price objective (up from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $132.00 price target (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $134.00.
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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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