State Treasurer State of Michigan lessened its stake in Hubbell Inc (NYSE:HUBB) by 2.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,614 shares of the industrial products company’s stock after selling 500 shares during the quarter. State Treasurer State of Michigan’s holdings in Hubbell were worth $2,392,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC lifted its holdings in shares of Hubbell by 57.8% in the second quarter. Riverhead Capital Management LLC now owns 2,998 shares of the industrial products company’s stock worth $339,000 after buying an additional 1,098 shares in the last quarter. Nuance Investments LLC lifted its holdings in shares of Hubbell by 141.3% in the second quarter. Nuance Investments LLC now owns 53,387 shares of the industrial products company’s stock worth $6,042,000 after buying an additional 31,260 shares in the last quarter. Janus Capital Management LLC lifted its holdings in shares of Hubbell by 204.9% in the first quarter. Janus Capital Management LLC now owns 62,800 shares of the industrial products company’s stock worth $7,539,000 after buying an additional 42,200 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Hubbell by 6.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 165,335 shares of the industrial products company’s stock worth $19,849,000 after purchasing an additional 9,759 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Hubbell by 17.3% in the second quarter. Legal & General Group Plc now owns 61,205 shares of the industrial products company’s stock worth $6,928,000 after purchasing an additional 9,042 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.
In other Hubbell news, insider Gerben Bakker sold 590 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the sale, the insider now directly owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.28% of the stock is owned by company insiders.
Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.15. The company had revenue of $950.50 million for the quarter, compared to analyst estimates of $960.28 million. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.77 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $0.70. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.45%. Hubbell’s dividend payout ratio (DPR) is 53.95%.
Hubbell declared that its board has authorized a stock repurchase plan on Friday, October 20th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages recently weighed in on HUBB. BidaskClub upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Zacks Investment Research cut shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Morgan Stanley restated an “overweight” rating and issued a $132.00 price target (up previously from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Finally, Wolfe Research began coverage on shares of Hubbell in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $124.00.
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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