HL Financial Services LLC reduced its position in shares of Hubbell Inc (NYSE:HUBB) by 26.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 6,043 shares of the industrial products company’s stock after selling 2,200 shares during the quarter. HL Financial Services LLC’s holdings in Hubbell were worth $701,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Hubbell by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after acquiring an additional 89,275 shares during the last quarter. BlackRock Inc. lifted its position in Hubbell by 1.4% in the second quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock worth $484,595,000 after buying an additional 57,699 shares during the last quarter. American Century Companies Inc. lifted its position in Hubbell by 3.8% in the third quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock worth $205,429,000 after buying an additional 64,779 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Hubbell by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 1,691,911 shares of the industrial products company’s stock worth $191,474,000 after buying an additional 122,855 shares during the last quarter. Finally, State Street Corp lifted its position in Hubbell by 2.7% in the second quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock worth $162,771,000 after buying an additional 37,792 shares during the last quarter. Hedge funds and other institutional investors own 84.05% of the company’s stock.
HUBB has been the subject of a number of analyst reports. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research report on Wednesday, September 27th. BidaskClub upgraded Hubbell from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Finally, Morgan Stanley restated an “overweight” rating and issued a $132.00 price target (up from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $124.00.
Shares of Hubbell Inc (NYSE:HUBB) opened at $121.76 on Tuesday. The stock has a market capitalization of $6,706.22, a price-to-earnings ratio of 21.36, a P/E/G ratio of 2.25 and a beta of 1.10. Hubbell Inc has a 52-week low of $109.32 and a 52-week high of $127.34. 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 (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.15. The company had revenue of $950.50 million during the quarter, compared to the consensus estimate 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 last year, the company earned $1.63 earnings per share. analysts anticipate that Hubbell Inc will post 5.44 EPS for the current year.
Hubbell announced that its board has authorized a stock repurchase program on Friday, October 20th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The firm 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 dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.53%. This is an increase from Hubbell’s previous quarterly dividend of $0.70. The ex-dividend date is Wednesday, November 29th. Hubbell’s dividend payout ratio (DPR) is 53.95%.
In other news, insider Gerben Bakker sold 590 shares of Hubbell stock in a transaction on Monday, October 30th. The stock was sold at an average price of $125.34, for a total transaction of $73,950.60. Following the completion of the sale, the insider now directly owns 13,249 shares in the company, valued at $1,660,629.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.28% of the stock is currently owned by company insiders.
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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