Hubbell Inc (HUBB) Shares Sold by Granite Investment Partners LLC
Granite Investment Partners LLC reduced its stake in shares of Hubbell Inc (NYSE:HUBB) by 46.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,597 shares of the industrial products company’s stock after selling 24,600 shares during the period. Granite Investment Partners LLC’s holdings in Hubbell were worth $3,236,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of HUBB. Meeder Asset Management Inc. increased its position in Hubbell by 2,397.4% in the second quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock worth $110,000 after buying an additional 935 shares during the period. TLP Group LLC purchased a new position in Hubbell during the first quarter worth $126,000. Baystate Wealth Management LLC increased its position in Hubbell by 60.3% in the first quarter. Baystate Wealth Management LLC now owns 1,087 shares of the industrial products company’s stock worth $128,000 after buying an additional 409 shares during the period. Flinton Capital Management LLC increased its position in Hubbell by 7.1% in the first quarter. Flinton Capital Management LLC now owns 1,696 shares of the industrial products company’s stock worth $204,000 after buying an additional 112 shares during the period. Finally, Tocqueville Asset Management L.P. purchased a new position in Hubbell during the first quarter worth $204,000. Institutional investors and hedge funds own 85.30% of the company’s stock.
Hubbell Inc (NYSE:HUBB) opened at 115.02 on Friday. The firm has a market cap of $6.29 billion, a P/E ratio of 21.82 and a beta of 1.01. Hubbell Inc has a 52-week low of $101.15 and a 52-week high of $125.93. The firm’s 50-day moving average price is $116.03 and its 200-day moving average price is $117.68.
Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.51 EPS for the quarter, beating the Zacks’ 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 analysts’ expectations of $937.35 million. During the same quarter last year, the firm posted $1.53 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts expect that Hubbell Inc will post $5.51 EPS for the current year.
The company 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 $0.70 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $2.80 dividend on an annualized basis and a yield of 2.43%. Hubbell’s dividend payout ratio (DPR) is presently 53.03%.
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A number of equities analysts have weighed in on the company. Wolfe Research assumed coverage on Hubbell in a research report on Tuesday, July 11th. They set a “market perform” rating for the company. Zacks Investment Research raised Hubbell from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, JMP Securities assumed coverage on Hubbell in a research report on Monday, June 19th. 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 stock. Hubbell presently has an average rating of “Hold” and a consensus 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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