Crossmark Global Holdings Inc. purchased a new stake in Hubbell Inc (NYSE:HUBB) during the third quarter, according to its most recent filing with the SEC. The fund purchased 6,457 shares of the industrial products company’s stock, valued at approximately $749,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in HUBB. Meeder Asset Management Inc. increased its holdings in Hubbell by 2,397.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock valued at $110,000 after acquiring an additional 935 shares during the last quarter. Acrospire Investment Management LLC grew 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 worth $111,000 after buying an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Hubbell in the 2nd quarter worth $182,000. Global X Management Co. LLC grew its stake in shares of Hubbell by 220.0% in the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock worth $199,000 after buying an additional 1,210 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC purchased a new position in shares of Hubbell in the 2nd quarter worth $225,000. Institutional investors own 84.05% of the company’s stock.
A number of equities analysts have commented on the stock. BidaskClub cut shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Zacks Investment Research cut shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $132.00 price objective (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Hubbell presently has an average rating of “Hold” and a consensus price target of $124.00.
In related news, insider Gerben Bakker sold 590 shares of Hubbell 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 directly owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.28% of the stock is currently owned by insiders.
Hubbell Inc (NYSE HUBB) opened at $121.43 on Wednesday. Hubbell Inc has a 52 week low of $109.32 and a 52 week high of $127.34. The company has a market cap of $6,660.27, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59.
Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The firm had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $960.28 million. During the same period in the previous year, the company earned $1.63 EPS. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. sell-side analysts anticipate that Hubbell Inc will post 5.44 earnings per share for the current fiscal year.
Hubbell declared that its board has approved a share repurchase program on Friday, October 20th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $0.70. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.54%. Hubbell’s payout ratio is currently 53.95%.
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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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