Raymond James Financial Services Advisors Inc. boosted its position in shares of Hubbell Inc (NYSE:HUBB) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,663 shares of the industrial products company’s stock after acquiring an additional 111 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Hubbell were worth $301,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its stake in Hubbell by 1.0% during the second quarter. The Manufacturers Life Insurance Company now owns 75,263 shares of the industrial products company’s stock valued at $8,516,000 after acquiring an additional 745 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Hubbell during the second quarter valued at approximately $182,000. Sciencast Management LP purchased a new position in Hubbell during the second quarter valued at approximately $303,000. BlueCrest Capital Management Ltd purchased a new position in Hubbell during the second quarter valued at approximately $1,671,000. Finally, State Street Corp grew its stake in Hubbell by 2.7% during the second quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock valued at $162,771,000 after acquiring an additional 37,792 shares in the last quarter. 85.17% of the stock is owned by institutional investors.
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In other Hubbell news, insider Gerben Bakker sold 590 shares of Hubbell stock in a transaction that occurred on 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 sale, the insider now directly owns 13,249 shares in the company, valued at $1,660,629.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.28% of the company’s stock.
Several equities analysts recently commented on HUBB shares. Zacks Investment Research raised shares of Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a research note on Wednesday, September 27th. BidaskClub raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Hubbell has an average rating of “Hold” and a consensus target price of $124.00.
Shares of Hubbell Inc (HUBB) opened at $123.58 on Thursday. Hubbell Inc has a 1 year low of $104.72 and a 1 year high of $127.34. The stock has a market cap of $6,816.92, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 2.29 and a beta of 1.10. 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 (NYSE:HUBB) last announced its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The business had revenue of $950.50 million during the quarter, compared to analyst estimates of $960.28 million. During the same period in the previous year, the business posted $1.63 earnings per share. Hubbell’s revenue for the quarter was up 4.7% on a year-over-year basis. equities research analysts anticipate that Hubbell Inc will post 5.44 EPS for the current year.
Hubbell announced that its Board of Directors has initiated a stock repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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 given a dividend of $0.77 per share. The ex-dividend date is Wednesday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. This represents a $3.08 annualized dividend and a yield of 2.49%. Hubbell’s payout ratio is presently 53.95%.
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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