WBI Investments Inc. purchased a new stake in Hubbell Incorporated (NYSE:HUBB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,699 shares of the industrial products company’s stock, valued at approximately $1,028,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Macquarie Group Ltd. boosted its holdings in shares of Hubbell by 21.6% in the second quarter. Macquarie Group Ltd. now owns 40,570 shares of the industrial products company’s stock valued at $4,290,000 after purchasing an additional 7,205 shares during the period. Honeywell International Inc. bought a new position in Hubbell in the second quarter worth approximately $9,474,000. Sei Investments Co. raised its stake in Hubbell by 15.3% in the second quarter. Sei Investments Co. now owns 80,240 shares of the industrial products company’s stock worth $8,485,000 after buying an additional 10,645 shares in the last quarter. Bank of Nova Scotia bought a new position in Hubbell in the second quarter worth approximately $6,736,000. Finally, BNP Paribas Arbitrage SA raised its stake in Hubbell by 117.7% in the second quarter. BNP Paribas Arbitrage SA now owns 5,453 shares of the industrial products company’s stock worth $577,000 after buying an additional 2,948 shares in the last quarter. Hedge funds and other institutional investors own 86.68% of the company’s stock.
Shares of HUBB stock opened at $107.97 on Monday. The firm has a market cap of $5.91 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.48 and a beta of 1.34. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.16 and a current ratio of 1.88. Hubbell Incorporated has a 12-month low of $97.02 and a 12-month high of $149.03.
Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.11. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. Hubbell had a return on equity of 23.08% and a net margin of 6.88%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 earnings per share. On average, analysts predict that Hubbell Incorporated will post 7.27 earnings per share for the current year.
The firm also recently declared 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 an increase from Hubbell’s previous quarterly dividend of $0.77. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.11%. Hubbell’s dividend payout ratio is presently 51.94%.
In other news, Director John F. Malloy bought 994 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The shares were purchased at an average cost of $100.82 per share, with a total value of $100,215.08. Following the transaction, the director now directly owns 13,020 shares in the company, valued at $1,312,676.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Neal J. Keating bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The stock was purchased 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 in the company, valued at $707,905.05. The disclosure for this purchase can be found here. Corporate insiders own 0.69% of the company’s stock.
A number of brokerages recently commented on HUBB. Morgan Stanley boosted their price objective on shares of Hubbell from $133.00 to $136.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 25th. 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. ValuEngine downgraded shares of Hubbell from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. 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. Finally, Wolfe Research raised Hubbell to a “buy” rating and set a $131.00 price target on the stock in a research report on Wednesday, October 24th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $137.83.
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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