Hubbell Inc (HUBB) Insider Sells $73,950.60 in Stock
Hubbell Inc (NYSE:HUBB) insider Gerben Bakker sold 590 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the transaction, the insider now directly owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.15. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The business had revenue of $950.50 million for the quarter, compared to the consensus estimate of $960.28 million. During the same period last year, the business earned $1.63 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year.
Hubbell declared that its Board of Directors has authorized a share buyback plan on Friday, October 20th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.45%. This is an increase from Hubbell’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Wednesday, November 29th. Hubbell’s dividend payout ratio (DPR) is presently 53.95%.
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Several hedge funds have recently modified their holdings of the stock. World Asset Management Inc raised its stake in shares of Hubbell by 0.3% in the 2nd quarter. World Asset Management Inc now owns 3,886 shares of the industrial products company’s stock valued at $440,000 after acquiring an additional 12 shares in the last quarter. Somerset Trust Co raised its stake in shares of Hubbell by 0.4% in the 2nd quarter. Somerset Trust Co now owns 5,329 shares of the industrial products company’s stock valued at $603,000 after acquiring an additional 22 shares in the last quarter. FineMark National Bank & Trust raised its stake in shares of Hubbell by 0.5% in the 2nd quarter. FineMark National Bank & Trust now owns 5,286 shares of the industrial products company’s stock valued at $598,000 after acquiring an additional 27 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Hubbell by 1.0% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 8,979 shares of the industrial products company’s stock valued at $947,000 after acquiring an additional 93 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Hubbell by 4.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 2,663 shares of the industrial products company’s stock valued at $301,000 after acquiring an additional 111 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on HUBB. BidaskClub raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Wolfe Research began coverage on shares of Hubbell in a research note on Tuesday, July 11th. They set a “market perform” rating for the company. Zacks Investment Research raised shares of Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a research note on Wednesday, September 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $124.00.
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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