Rhumbline Advisers grew its position in shares of Hubbell Incorporated (NYSE:HUBB – Get Rating) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,014 shares of the industrial products company’s stock after acquiring an additional 11,590 shares during the quarter. Rhumbline Advisers owned 0.29% of Hubbell worth $27,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently bought and sold shares of the company. First Manhattan Co. bought a new stake in shares of Hubbell during the 1st quarter worth $28,000. Aaron Wealth Advisors LLC bought a new stake in shares of Hubbell during the 1st quarter worth $72,000. Covestor Ltd raised its stake in shares of Hubbell by 137.3% during the 1st 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 period. CX Institutional bought a new stake in shares of Hubbell during the 2nd quarter worth $195,000. Finally, Astrantus Ltd bought a new stake in shares of Hubbell during the 1st quarter worth $202,000. 88.91% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO William R. Sperry sold 18,878 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $239.69, for a total transaction of $4,524,867.82. Following the completion of the transaction, the chief financial officer now owns 46,292 shares of the company’s stock, valued at $11,095,729.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.
Hubbell Trading Down 1.2 %
Hubbell (NYSE:HUBB – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The industrial products company reported $3.08 earnings per share for the quarter, beating the consensus estimate of $2.73 by $0.35. Hubbell had a return on equity of 24.17% and a net margin of 11.57%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.25 billion. On average, equities analysts forecast that Hubbell Incorporated will post 10.41 EPS for the current fiscal year.
Hubbell Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.05. This represents a $4.48 annualized dividend and a dividend yield of 1.75%. Hubbell’s dividend payout ratio is currently 40.86%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the company. Mizuho lifted their target price on Hubbell from $220.00 to $252.00 and gave the stock a “buy” rating in a research note on Wednesday, October 26th. UBS Group boosted their price objective on Hubbell from $200.00 to $254.00 and gave the company a “neutral” rating in a research note on Thursday, November 17th. JPMorgan Chase & Co. cut Hubbell from an “overweight” rating to an “underweight” rating and set a $200.00 price objective on the stock. in a research note on Wednesday, October 19th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on Hubbell from $219.00 to $226.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 26th. Finally, Wells Fargo & Company boosted their price objective on Hubbell from $196.00 to $215.00 and gave the company an “equal weight” rating in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $229.40.
Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical Solution and Utility Solution. 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 for the natural gas distribution market.
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