Sumitomo Mitsui Trust Group Inc. Acquires 8,197 Shares of Hubbell Inc $HUBB

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Hubbell Inc (NYSE:HUBB) by 7.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 125,791 shares of the industrial products company’s stock after buying an additional 8,197 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Hubbell were worth $51,374,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in Hubbell by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company’s stock valued at $937,623,000 after purchasing an additional 7,142 shares during the last quarter. Invesco Ltd. lifted its position in Hubbell by 2.1% during the first quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company’s stock valued at $503,757,000 after purchasing an additional 31,859 shares during the last quarter. Deutsche Bank AG lifted its position in Hubbell by 35.1% during the first quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company’s stock valued at $365,353,000 after purchasing an additional 287,047 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Hubbell by 181.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company’s stock valued at $322,702,000 after purchasing an additional 628,886 shares during the last quarter. Finally, Nuveen LLC bought a new position in Hubbell during the first quarter valued at $213,283,000. Institutional investors own 88.16% of the company’s stock.

Hubbell Trading Down 0.1%

Shares of HUBB opened at $434.10 on Tuesday. Hubbell Inc has a 1-year low of $299.42 and a 1-year high of $481.35. The company has a 50-day moving average of $431.32 and a 200 day moving average of $407.61. The firm has a market capitalization of $23.07 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 2.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share for the quarter, beating analysts’ consensus estimates of $4.36 by $0.57. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.51 billion. On average, research analysts expect that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a dividend of $1.42 per share. This is a positive change from Hubbell’s previous quarterly dividend of $1.32. The ex-dividend date of this dividend is Friday, November 28th. This represents a $5.68 dividend on an annualized basis and a yield of 1.3%. Hubbell’s payout ratio is 34.29%.

Analyst Upgrades and Downgrades

HUBB has been the subject of several analyst reports. Wells Fargo & Company upgraded shares of Hubbell from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $445.00 to $490.00 in a report on Tuesday, September 2nd. JPMorgan Chase & Co. raised their target price on shares of Hubbell from $417.00 to $458.00 and gave the stock a “neutral” rating in a report on Wednesday, October 15th. Barclays raised their target price on shares of Hubbell from $420.00 to $431.00 and gave the stock an “equal weight” rating in a report on Friday, August 1st. Stephens restated an “overweight” rating and issued a $500.00 target price on shares of Hubbell in a report on Thursday, September 11th. Finally, Mizuho raised their target price on shares of Hubbell from $475.00 to $480.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $476.50.

About Hubbell

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, 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.