BlackRock Inc. lifted its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 6.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,341,754 shares of the industrial products company’s stock after purchasing an additional 401,473 shares during the quarter. BlackRock Inc. owned 11.66% of Hubbell worth $826,962,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Hubbell by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 5,558,703 shares of the industrial products company’s stock worth $724,855,000 after buying an additional 29,729 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Hubbell by 8.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,226,219 shares of the industrial products company’s stock worth $159,899,000 after buying an additional 96,401 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Hubbell by 1.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,304 shares of the industrial products company’s stock worth $136,828,000 after buying an additional 17,257 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Hubbell by 29.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,002,921 shares of the industrial products company’s stock worth $130,781,000 after buying an additional 227,905 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Hubbell by 71.2% during the 2nd quarter. Schroder Investment Management Group now owns 745,429 shares of the industrial products company’s stock worth $97,204,000 after buying an additional 309,991 shares during the last quarter. 85.92% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on HUBB shares. JPMorgan Chase & Co. upped their price objective on Hubbell from $135.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley set a $138.00 price objective on Hubbell and gave the stock a “hold” rating in a research report on Wednesday, July 31st. G.Research restated a “buy” rating on shares of Hubbell in a research report on Wednesday, August 21st. Gabelli started coverage on Hubbell in a research report on Wednesday, August 21st. They set a “buy” rating and a $160.00 price objective for the company. Finally, Zacks Investment Research upgraded Hubbell from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Hubbell currently has an average rating of “Buy” and an average target price of $146.67.
Hubbell stock opened at $145.50 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.33 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $7.90 billion, a PE ratio of 19.96, a P/E/G ratio of 1.94 and a beta of 1.50. Hubbell Incorporated has a 12 month low of $91.88 and a 12 month high of $146.81. The stock has a 50-day moving average price of $135.49 and a two-hundred day moving average price of $128.38.
Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $2.34 EPS for the quarter, beating the consensus estimate of $2.27 by $0.07. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.21 billion. Hubbell had a return on equity of 23.47% and a net margin of 8.34%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company earned $2.34 earnings per share. As a group, analysts predict that Hubbell Incorporated will post 8.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.91 dividend. The ex-dividend date is Wednesday, November 27th. This is an increase from Hubbell’s previous quarterly dividend of $0.84. This represents a $3.64 annualized dividend and a yield of 2.50%. Hubbell’s dividend payout ratio (DPR) is currently 46.09%.
In other news, insider Rodd Richard Ruland sold 3,594 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $143.96, for a total value of $517,392.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Anthony Capozzoli sold 1,243 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $142.39, for a total value of $176,990.77. Following the completion of the sale, the vice president now directly owns 10,812 shares of the company’s stock, valued at approximately $1,539,520.68. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.
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