Fmr LLC grew its stake in Hubbell Incorporated (NYSE:HUBB) by 25.5% during the second quarter, HoldingsChannel reports. The fund owned 1,662,452 shares of the industrial products company’s stock after purchasing an additional 337,915 shares during the quarter. Fmr LLC’s holdings in Hubbell were worth $175,788,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. grew its stake in Hubbell by 7.1% in the 2nd quarter. BlackRock Inc. now owns 4,951,945 shares of the industrial products company’s stock worth $523,619,000 after acquiring an additional 329,485 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Hubbell by 46.5% in the 2nd quarter. American Century Companies Inc. now owns 2,792,582 shares of the industrial products company’s stock worth $295,288,000 after purchasing an additional 885,909 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Hubbell by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 784,889 shares of the industrial products company’s stock worth $82,995,000 after purchasing an additional 3,184 shares during the period. Boston Partners lifted its position in shares of Hubbell by 26.6% in the 2nd quarter. Boston Partners now owns 757,486 shares of the industrial products company’s stock worth $80,097,000 after purchasing an additional 159,118 shares during the period. Finally, BTIM Corp. lifted its position in shares of Hubbell by 2.2% in the 2nd quarter. BTIM Corp. now owns 514,131 shares of the industrial products company’s stock worth $54,364,000 after purchasing an additional 10,984 shares during the period. Institutional investors and hedge funds own 86.54% of the company’s stock.
In other news, Director Neal J. Keating bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average price of $101.55 per share, with a total value of $101,550.00. Following the completion of the transaction, the director now directly owns 6,971 shares of the company’s stock, valued at approximately $707,905.05. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John F. Malloy bought 994 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were purchased at an average cost of $100.82 per share, with a total value of $100,215.08. Following the transaction, the director now directly owns 13,020 shares of the company’s stock, valued at $1,312,676.40. The disclosure for this purchase can be found here. Corporate insiders own 0.69% of the company’s stock.
Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.11. Hubbell had a net margin of 6.88% and a return on equity of 23.08%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the company earned $1.65 EPS. The company’s revenue was up 24.1% compared to the same quarter last year. As a group, equities analysts expect that Hubbell Incorporated will post 7.27 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be given a dividend of $0.84 per share. This is a boost from Hubbell’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $3.36 dividend on an annualized basis and a yield of 3.11%. Hubbell’s dividend payout ratio is presently 51.94%.
HUBB has been the subject of several research reports. Zacks Investment Research cut shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Morgan Stanley upped their price target on shares of Hubbell from $133.00 to $136.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 25th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $140.00 price target (up previously from $135.00) on shares of Hubbell in a research report on Wednesday, July 25th. Finally, ValuEngine raised shares of Hubbell from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $137.83.
Hubbell Company 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.
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