November 10, 2019 at 1:48 pm

Hubbell Incorporated (NYSE:HUBB) Shares Acquired by State of Tennessee Treasury Department

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State of Tennessee Treasury Department lifted its position in shares of Hubbell Incorporated (NYSE:HUBB) by 4.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,021 shares of the industrial products company’s stock after buying an additional 672 shares during the period. State of Tennessee Treasury Department’s holdings in Hubbell were worth $2,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Hubbell by 6.8% during the 2nd quarter. BlackRock Inc. now owns 6,341,754 shares of the industrial products company’s stock worth $826,962,000 after purchasing an additional 401,473 shares during the period. Vanguard Group Inc. boosted its position in shares of Hubbell by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 5,558,703 shares of the industrial products company’s stock worth $724,855,000 after purchasing an additional 29,729 shares during the period. Victory Capital Management Inc. boosted its position in shares of Hubbell by 8.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,226,219 shares of the industrial products company’s stock worth $159,899,000 after purchasing an additional 96,401 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Hubbell by 1.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,065,304 shares of the industrial products company’s stock worth $136,828,000 after purchasing an additional 17,257 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Hubbell by 29.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,002,921 shares of the industrial products company’s stock worth $130,781,000 after purchasing an additional 227,905 shares during the period. Institutional investors and hedge funds own 85.92% of the company’s stock.

Several brokerages have commented on HUBB. JPMorgan Chase & Co. raised their price target on shares of Hubbell from $135.00 to $145.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley set a $138.00 price target on shares of Hubbell and gave the company a “hold” rating in a research report on Wednesday, July 31st. Gabelli began coverage on shares of Hubbell in a research report on Wednesday, August 21st. They issued a “buy” rating and a $160.00 price target for the company. Zacks Investment Research raised shares of Hubbell from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, G.Research reissued a “buy” rating on shares of Hubbell in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $146.67.

In other news, VP Joseph Anthony Capozzoli sold 1,243 shares of Hubbell stock in a transaction on Friday, November 1st. The shares were sold at an average price of $142.39, for a total transaction of $176,990.77. Following the completion of the sale, the vice president now directly owns 10,812 shares of the company’s stock, valued at approximately $1,539,520.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Rodd Richard Ruland sold 3,594 shares of Hubbell stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $143.96, for a total transaction of $517,392.24. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Shares of HUBB stock opened at $145.50 on Friday. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.89. Hubbell Incorporated has a 52 week low of $91.88 and a 52 week high of $146.81. The stock has a market capitalization of $7.90 billion, a PE ratio of 19.96, a P/E/G ratio of 1.94 and a beta of 1.50. The firm has a 50 day moving average of $135.49 and a two-hundred day moving average of $128.38.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.27 by $0.07. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Hubbell had a net margin of 8.34% and a return on equity of 23.47%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.34 EPS. Analysts expect that Hubbell Incorporated will post 8.07 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.91 per share. This is a boost from Hubbell’s previous quarterly dividend of $0.84. This represents a $3.64 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, November 27th. Hubbell’s payout ratio is 46.09%.

Hubbell Profile

Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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.

Further Reading: Monthly Dividend Stocks

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Institutional Ownership by Quarter for Hubbell (NYSE:HUBB)

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