DnB Asset Management AS Acquires 4,900 Shares of Hubbell Incorporated (NYSE:HUBB)

DnB Asset Management AS grew its holdings in Hubbell Incorporated (NYSE:HUBB) by 6.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 77,913 shares of the industrial products company’s stock after purchasing an additional 4,900 shares during the quarter. DnB Asset Management AS owned approximately 0.15% of Hubbell worth $25,833,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Panagora Asset Management Inc. raised its stake in shares of Hubbell by 87.6% during the 1st quarter. Panagora Asset Management Inc. now owns 5,426 shares of the industrial products company’s stock worth $997,000 after acquiring an additional 2,533 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Hubbell by 9.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 31,791 shares of the industrial products company’s stock valued at $6,006,000 after purchasing an additional 2,736 shares in the last quarter. Blair William & Co. IL increased its stake in Hubbell by 0.5% during the 1st quarter. Blair William & Co. IL now owns 22,986 shares of the industrial products company’s stock valued at $4,224,000 after purchasing an additional 120 shares in the last quarter. Vanguard Group Inc. increased its stake in Hubbell by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 5,454,758 shares of the industrial products company’s stock valued at $1,002,421,000 after purchasing an additional 23,865 shares in the last quarter. Finally, Covestor Ltd increased its stake in Hubbell by 137.3% during the 1st quarter. Covestor Ltd now owns 522 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 302 shares in the last quarter. Institutional investors own 85.97% of the company’s stock.

Hubbell Stock Performance

Shares of NYSE HUBB opened at $319.54 on Friday. The company’s fifty day moving average price is $319.30 and its 200 day moving average price is $287.07. Hubbell Incorporated has a 1 year low of $209.96 and a 1 year high of $340.06. The company has a market capitalization of $17.14 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 2.06 and a beta of 0.98. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.32 and a current ratio of 2.06.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $4.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.63 by $0.44. Hubbell had a net margin of 12.55% and a return on equity of 29.48%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm posted $2.81 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, research analysts predict that Hubbell Incorporated will post 15.32 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $4.48 annualized dividend and a dividend yield of 1.40%. Hubbell’s dividend payout ratio (DPR) is 37.24%.

Insider Activity

In other news, CEO Gerben Bakker sold 5,895 shares of Hubbell stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $314.12, for a total value of $1,851,737.40. Following the sale, the chief executive officer now owns 51,783 shares in the company, valued at $16,266,075.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Alyssa R. Flynn sold 2,293 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $314.30, for a total transaction of $720,689.90. Following the transaction, the insider now directly owns 3,471 shares in the company, valued at $1,090,935.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gerben Bakker sold 5,895 shares of Hubbell stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $314.12, for a total transaction of $1,851,737.40. Following the transaction, the chief executive officer now directly owns 51,783 shares in the company, valued at $16,266,075.96. The disclosure for this sale can be found here. Insiders have sold a total of 12,228 shares of company stock worth $3,839,856 over the last 90 days. 0.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HUBB. StockNews.com began coverage on shares of Hubbell in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Wells Fargo & Company upped their price objective on shares of Hubbell from $287.00 to $318.00 in a report on Monday, July 10th. Mizuho upped their price objective on shares of Hubbell from $300.00 to $370.00 in a report on Wednesday, July 26th. Finally, Wolfe Research raised shares of Hubbell from an “underperform” rating to a “peer perform” rating in a report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $265.17.

Hubbell Company Profile

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.