Shelton Capital Management purchased a new position in shares of Hubbell Inc (NYSE:HUBB) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,895 shares of the industrial products company’s stock, valued at approximately $441,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Hubbell by 2,397.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 935 shares during the last quarter. Acrospire Investment Management LLC lifted 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 valued at $111,000 after purchasing an additional 500 shares during the last quarter. Global X Management Co. LLC lifted its holdings in shares of 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 purchasing an additional 1,210 shares during the last quarter. Oxford Asset Management purchased a new stake in shares of Hubbell in the 1st quarter valued at about $215,000. Finally, YorkBridge Wealth Partners LLC purchased a new stake in shares of Hubbell in the 2nd quarter valued at about $225,000. 85.15% of the stock is owned by institutional investors.
Shares of Hubbell Inc (NYSE:HUBB) opened at 116.02 on Wednesday. The firm’s 50-day moving average price is $113.65 and its 200 day moving average price is $115.44. Hubbell Inc has a 1-year low of $101.15 and a 1-year high of $125.93. The stock has a market capitalization of $6.35 billion, a P/E ratio of 22.01 and a beta of 1.04.
Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, July 25th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.11. Hubbell had a net margin of 8.23% and a return on equity of 19.77%. The firm had revenue of $948.30 million for the quarter, compared to analysts’ expectations of $937.35 million. During the same quarter last year, the company posted $1.53 earnings per share. Hubbell’s revenue was up 4.3% on a year-over-year basis. Analysts expect that Hubbell Inc will post $5.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a $0.70 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 2.41%. Hubbell’s dividend payout ratio is currently 53.03%.
Several research firms have recently weighed in on HUBB. Morgan Stanley reissued an “overweight” rating and issued a $132.00 target price (up from $130.00) on shares of Hubbell in a report on Monday, October 2nd. BidaskClub raised Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Zacks Investment Research raised Hubbell from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a report on Wednesday, September 27th. Wolfe Research began coverage on Hubbell in a report on Tuesday, July 11th. They issued a “market perform” rating for the company. Finally, JMP Securities began coverage on Hubbell in a report on Monday, June 19th. They issued a “market perform” rating for the company. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $124.00.
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Hubbell Company Profile
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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