Gabelli Funds LLC lessened its position in Hubbell Incorporated (NYSE:HUBB – Free Report) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,980 shares of the industrial products company’s stock after selling 120 shares during the period. Gabelli Funds LLC owned about 0.06% of Hubbell worth $9,940,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Panagora Asset Management Inc. increased its position in Hubbell by 87.6% during the first quarter. Panagora Asset Management Inc. now owns 5,426 shares of the industrial products company’s stock worth $997,000 after purchasing an additional 2,533 shares during the last quarter. Great West Life Assurance Co. Can increased its position in Hubbell by 9.4% during the first quarter. Great West Life Assurance Co. Can now owns 31,791 shares of the industrial products company’s stock worth $6,006,000 after purchasing an additional 2,736 shares during the last quarter. Blair William & Co. IL increased its position in Hubbell by 0.5% during the first quarter. Blair William & Co. IL now owns 22,986 shares of the industrial products company’s stock worth $4,224,000 after purchasing an additional 120 shares during the last quarter. Vanguard Group Inc. increased its position in Hubbell by 0.4% during the first quarter. Vanguard Group Inc. now owns 5,454,758 shares of the industrial products company’s stock worth $1,002,421,000 after purchasing an additional 23,865 shares during the last quarter. Finally, Covestor Ltd increased its position in Hubbell by 137.3% during the first quarter. Covestor Ltd now owns 522 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 302 shares during the last quarter. Institutional investors and hedge funds own 85.97% of the company’s stock.
Analyst Ratings Changes
HUBB has been the subject of several research analyst reports. Seaport Res Ptn reaffirmed a “buy” rating on shares of Hubbell in a research report on Wednesday, November 8th. Wolfe Research raised shares of Hubbell from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 11th. Mizuho increased their price objective on shares of Hubbell from $300.00 to $370.00 in a research report on Wednesday, July 26th. StockNews.com started coverage on shares of Hubbell in a research report on Thursday, October 5th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. raised shares of Hubbell from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $333.00 to $335.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Hubbell presently has an average rating of “Hold” and a consensus price target of $299.43.
Insider Buying and Selling at Hubbell
In other Hubbell news, VP Nero Jonathan M. Del sold 1,902 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $285.54, for a total transaction of $543,097.08. Following the transaction, the vice president now directly owns 3,646 shares in the company, valued at approximately $1,041,078.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.
Hubbell Price Performance
Shares of HUBB stock opened at $300.82 on Tuesday. The company has a market capitalization of $16.13 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 1.91 and a beta of 0.93. The firm has a fifty day simple moving average of $297.89 and a 200-day simple moving average of $305.64. The company has a current ratio of 2.16, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. Hubbell Incorporated has a twelve month low of $219.77 and a twelve month high of $340.06.
Hubbell (NYSE:HUBB – Get Free Report) last announced its earnings results on Tuesday, October 31st. The industrial products company reported $3.95 earnings per share for the quarter, missing the consensus estimate of $4.07 by ($0.12). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Hubbell had a net margin of 13.56% and a return on equity of 30.09%. Hubbell’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $3.08 earnings per share. Equities research analysts anticipate that Hubbell Incorporated will post 15.19 earnings per share for the current fiscal year.
Hubbell Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.62%. This is an increase from Hubbell’s previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Wednesday, November 29th. Hubbell’s dividend payout ratio is 37.08%.
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.
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