Mirae Asset Global Investments Co. Ltd. Makes New Investment in Hubbell Inc $HUBB

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Hubbell Inc (NYSE:HUBB) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 16,686 shares of the industrial products company’s stock, valued at approximately $7,569,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Hubbell in the second quarter worth about $2,455,986,000. Bank of New York Mellon Corp bought a new position in Hubbell during the 2nd quarter worth about $783,142,000. Deutsche Bank AG purchased a new position in Hubbell during the 2nd quarter valued at about $610,053,000. Bank of America Corp DE purchased a new position in Hubbell during the 2nd quarter valued at about $204,918,000. Finally, Man Group plc bought a new stake in shares of Hubbell in the 2nd quarter valued at about $179,698,000. 88.16% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Jonathan Del Nero sold 547 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $518.56, for a total transaction of $283,652.32. Following the completion of the sale, the vice president owned 2,933 shares in the company, valued at approximately $1,520,936.48. This represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Mizuho set a $515.00 price target on shares of Hubbell in a research report on Wednesday, October 28th. Seaport Research Partners reissued a “buy” rating and set a $580.00 price objective on shares of Hubbell in a report on Wednesday, September 30th. Sanford C. Bernstein reissued an “outperform” rating on shares of Hubbell in a research note on Wednesday, July 29th. Morgan Stanley set a $600.00 target price on Hubbell in a report on Friday, October 16th. Finally, Weiss Ratings cut Hubbell from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $546.00.

Hubbell Stock Performance

HUBB stock opened at $437.72 on Thursday. The firm has a market cap of $23.13 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.14 and a beta of 0.84. The firm has a 50-day simple moving average of $457.64 and a two-hundred day simple moving average of $487.21. Hubbell Inc has a one year low of $403.82 and a one year high of $565.50. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.87 and a current ratio of 1.53.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.75 by $0.16. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.85 billion. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.17 EPS. On average, equities analysts forecast that Hubbell Inc will post 20.54 EPS for the current fiscal year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a $1.52 dividend. This is an increase from Hubbell’s previous quarterly dividend of $1.42. This represents a $6.08 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 30th. Hubbell’s dividend payout ratio is presently 35.64%.

Hubbell Company Profile

Hubbell Incorporated (NYSE:HUBB) is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.

Hubbell’s Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.

Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.