Wells Fargo & Company MN Boosts Holdings in Hubbell Inc (HUBB)
Wells Fargo & Company MN boosted its holdings in shares of Hubbell Inc (NYSE:HUBB) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 348,136 shares of the industrial products company’s stock after acquiring an additional 4,696 shares during the quarter. Wells Fargo & Company MN owned 0.64% of Hubbell worth $40,390,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Acrospire Investment Management LLC boosted its stake in shares of Hubbell by 103.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock valued at $111,000 after purchasing an additional 500 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Hubbell during the 2nd quarter valued at $182,000. Advisors Asset Management Inc. lifted its position in shares of Hubbell by 1,122.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after acquiring an additional 1,481 shares during the period. Global X Management Co. LLC lifted its position in shares of Hubbell by 220.0% during the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock valued at $199,000 after acquiring an additional 1,210 shares during the period. Finally, YorkBridge Wealth Partners LLC acquired a new position in shares of Hubbell during the 2nd quarter valued at $225,000. 85.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Hubbell Inc (NYSE HUBB) traded down $0.01 during mid-day trading on Tuesday, hitting $130.74. 241,100 shares of the stock traded hands, compared to its average volume of 289,518. The stock has a market capitalization of $7,152.02, a P/E ratio of 22.78, a P/E/G ratio of 2.40 and a beta of 1.09. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.43 and a current ratio of 2.28. Hubbell Inc has a 52 week low of $109.32 and a 52 week high of $131.68.
Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.15. The company had revenue of $950.50 million during the quarter, compared to the consensus estimate of $960.28 million. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. equities research analysts predict that Hubbell Inc will post 5.44 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $3.08 annualized dividend and a yield of 2.36%. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. Hubbell’s dividend payout ratio is presently 59.34%.
Hubbell declared that its board has authorized a stock buyback plan on Friday, October 20th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Several research firms have weighed in on HUBB. BidaskClub upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Friday, October 27th. Zacks Investment Research downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Finally, Morgan Stanley restated an “overweight” rating and set a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a report on Monday, October 2nd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Hubbell has a consensus rating of “Hold” and an average price target of $124.00.
In related news, insider Gerben Bakker sold 590 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the completion of the transaction, the insider now owns 13,249 shares in the company, valued at $1,660,629.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.28% of the stock is currently owned by corporate insiders.
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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