Fred Alger Management Inc. acquired a new position in shares of Hubbell Incorporated (NYSE:HUBB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 45,772 shares of the industrial products company’s stock, valued at approximately $6,195,000. Fred Alger Management Inc. owned about 0.08% of Hubbell as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently modified their holdings of the stock. BlueCrest Capital Management Ltd raised its holdings in Hubbell by 75.2% during the fourth quarter. BlueCrest Capital Management Ltd now owns 35,807 shares of the industrial products company’s stock worth $4,846,000 after purchasing an additional 15,366 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Hubbell during the fourth quarter worth $363,000. Anchor Bolt Capital LP acquired a new position in Hubbell during the fourth quarter worth $25,272,000. Granite Investment Advisors LLC raised its holdings in Hubbell by 36.8% during the fourth quarter. Granite Investment Advisors LLC now owns 52,498 shares of the industrial products company’s stock worth $7,105,000 after purchasing an additional 14,128 shares during the last quarter. Finally, Koch Industries Inc. raised its holdings in Hubbell by 114.2% during the fourth quarter. Koch Industries Inc. now owns 4,430 shares of the industrial products company’s stock worth $600,000 after purchasing an additional 2,362 shares during the last quarter. 85.96% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman David G. Nord sold 12,076 shares of Hubbell stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $133.76, for a total value of $1,615,285.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen M. Mais sold 4,692 shares of Hubbell stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $135.59, for a total value of $636,188.28. Following the completion of the sale, the vice president now directly owns 16,669 shares of the company’s stock, valued at approximately $2,260,149.71. The disclosure for this sale can be found here. Insiders own 1.28% of the company’s stock.
Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $1.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.12. Hubbell had a return on equity of 20.16% and a net margin of 6.63%. The company had revenue of $917.70 million during the quarter, compared to analysts’ expectations of $901.23 million. During the same period in the previous year, the firm posted $1.35 earnings per share. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. equities research analysts anticipate that Hubbell Incorporated will post 7.18 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be issued a $0.77 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.44%. Hubbell’s dividend payout ratio (DPR) is 70.00%.
HUBB has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Hubbell in a report on Thursday, December 28th. Zacks Investment Research raised Hubbell from a “hold” rating to a “buy” rating and set a $149.00 price objective for the company in a report on Thursday, January 4th. Wells Fargo & Co reaffirmed a “buy” rating and set a $143.00 price objective (up from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. Oppenheimer raised Hubbell from a “market perform” rating to an “outperform” rating and set a $160.00 price objective for the company in a report on Friday, January 12th. Finally, Morgan Stanley lifted their price objective on Hubbell from $134.00 to $153.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Hubbell has a consensus rating of “Buy” and a consensus target price of $153.60.
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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