Granite Investment Advisors LLC Sells 1,873 Shares of Hubbell Inc (HUBB)
Granite Investment Advisors LLC lowered its stake in shares of Hubbell Inc (NYSE:HUBB) by 4.5% during the second quarter, Holdings Channel reports. The fund owned 40,019 shares of the industrial products company’s stock after selling 1,873 shares during the period. Granite Investment Advisors LLC’s holdings in Hubbell were worth $4,828,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its position in shares of Hubbell by 2,397.4% in the second quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock valued at $110,000 after buying an additional 935 shares during the period. TLP Group LLC purchased a new position in shares of Hubbell during the first quarter valued at about $126,000. Baystate Wealth Management LLC increased its position in shares of Hubbell by 60.3% in the first quarter. Baystate Wealth Management LLC now owns 1,087 shares of the industrial products company’s stock valued at $128,000 after buying an additional 409 shares during the period. Global X Management Co. LLC increased its position in shares of Hubbell by 220.0% in the second quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock valued at $199,000 after buying an additional 1,210 shares during the period. Finally, Tocqueville Asset Management L.P. purchased a new position in shares of Hubbell during the first quarter valued at about $204,000. Hedge funds and other institutional investors own 85.30% of the company’s stock.
Hubbell Inc (HUBB) opened at 115.53 on Friday. The stock’s 50 day moving average is $115.96 and its 200 day moving average is $117.69. The firm has a market cap of $6.32 billion, a P/E ratio of 21.92 and a beta of 1.01. Hubbell Inc has a one year low of $101.15 and a one year high of $125.93.
Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.11. Hubbell had a return on equity of 19.77% and a net margin of 8.23%. The firm had revenue of $948.30 million during the quarter, compared to analyst estimates of $937.35 million. During the same period in the prior year, the company posted $1.53 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that Hubbell Inc will post $5.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.70 per share. The ex-dividend date is Tuesday, August 29th. This represents a $2.80 annualized dividend and a yield of 2.42%. Hubbell’s dividend payout ratio is currently 53.03%.
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Several equities analysts have recently issued reports on the stock. JMP Securities assumed coverage on shares of Hubbell in a report on Monday, June 19th. They set a “market perform” rating for the company. Zacks Investment Research raised shares of Hubbell from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Wolfe Research assumed coverage on shares of Hubbell in a report on Tuesday, July 11th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Hubbell has a consensus rating of “Hold” and an average price target of $126.67.
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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