Louisiana State Employees Retirement System lowered its stake in shares of Hubbell Inc (NYSE:HUBB) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,800 shares of the industrial products company’s stock after selling 800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Hubbell were worth $1,868,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. boosted its position in Hubbell by 4.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 2,663 shares of the industrial products company’s stock worth $301,000 after purchasing an additional 111 shares during the period. Global X MANAGEMENT CO LLC boosted its position in Hubbell by 25.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 2,200 shares of the industrial products company’s stock worth $255,000 after purchasing an additional 440 shares during the period. ING Groep NV boosted its position in Hubbell by 7.6% during the third quarter. ING Groep NV now owns 6,699 shares of the industrial products company’s stock worth $777,000 after purchasing an additional 472 shares during the period. Brookstone Capital Management boosted its position in Hubbell by 20.8% during the third quarter. Brookstone Capital Management now owns 2,784 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 479 shares during the period. Finally, Acrospire Investment Management LLC boosted its position in Hubbell by 103.1% during the second 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. 85.16% of the stock is owned by hedge funds and other institutional investors.
Shares of Hubbell Inc (NYSE:HUBB) opened at $138.51 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43. The firm has a market capitalization of $7,450.14, a P/E ratio of 26.69, a PEG ratio of 2.20 and a beta of 1.09. Hubbell Inc has a 12-month low of $109.32 and a 12-month high of $141.67.
Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.15. The business had revenue of $950.50 million during 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 period in the prior year, the company posted $1.63 earnings per share. sell-side analysts anticipate that Hubbell Inc will post 5.45 EPS for the current fiscal year.
Hubbell declared that its Board of Directors has approved a share repurchase plan on Friday, October 20th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research cut Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Morgan Stanley reissued an “overweight” rating and issued a $132.00 price objective (up from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. BidaskClub raised Hubbell from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Hubbell in a research report on Thursday, December 28th. Finally, Oppenheimer raised Hubbell from a “market perform” rating to an “outperform” rating and set a $160.00 price objective for the company in a research report on Friday, January 12th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $139.80.
In related news, insider Gerben Bakker sold 590 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the transaction, the insider now directly owns 13,249 shares in the company, valued at $1,660,629.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.28% of the company’s stock.
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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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