Envestnet Asset Management Inc. boosted its position in shares of Hubbell Incorporated (NYSE:HUBB) by 49.0% during the fourth quarter, Holdings Channel reports. The fund owned 3,918 shares of the company’s stock after buying an additional 1,289 shares during the period. Envestnet Asset Management Inc.’s holdings in Hubbell were worth $457,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in HUBB. Menta Capital LLC purchased a new position in shares of Hubbell during the fourth quarter worth approximately $1,907,000. Flinton Capital Management LLC purchased a new position in shares of Hubbell during the fourth quarter worth approximately $185,000. Edge Asset Management Inc. raised its position in shares of Hubbell by 6.3% in the fourth quarter. Edge Asset Management Inc. now owns 212,237 shares of the company’s stock worth $24,768,000 after buying an additional 12,658 shares during the last quarter. Gideon Capital Advisors Inc. purchased a new position in shares of Hubbell during the fourth quarter worth approximately $215,000. Finally, Asset Management One Co. Ltd. raised its position in shares of Hubbell by 3.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,100 shares of the company’s stock worth $363,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.23% of the company’s stock.
Hubbell Incorporated (NYSE:HUBB) opened at 119.39 on Tuesday. The firm has a market cap of $6.62 billion, a P/E ratio of 22.78 and a beta of 0.95. Hubbell Incorporated has a 1-year low of $97.35 and a 1-year high of $125.93. The stock has a 50 day moving average price of $121.47 and a 200-day moving average price of $113.18.
Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, January 31st. The company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.12. Hubbell had a net margin of 8.36% and a return on equity of 19.82%. The company earned $854 million during the quarter, compared to the consensus estimate of $856.45 million. During the same period in the previous year, the business earned $1.31 earnings per share. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. Equities research analysts forecast that Hubbell Incorporated will post $5.71 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were given a $0.70 dividend. The ex-dividend date was Friday, February 24th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.35%. Hubbell’s payout ratio is 53.33%.
A number of research analysts have commented on the company. Zacks Investment Research upgraded Hubbell from a “sell” rating to a “hold” rating and set a $137.00 price objective on the stock in a research report on Thursday, February 2nd. Barclays PLC increased their price objective on Hubbell from $105.00 to $112.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. Finally, Morgan Stanley upgraded Hubbell from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $113.00 to $131.00 in a research report on Monday, December 19th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $119.00.
In other news, insider William R. Sperry sold 2,513 shares of Hubbell stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $122.61, for a total value of $308,118.93. Following the completion of the sale, the insider now directly owns 43,987 shares in the company, valued at $5,393,246.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Stephen M. Mais sold 3,269 shares of Hubbell stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $122.76, for a total transaction of $401,302.44. Following the completion of the sale, the vice president now owns 16,021 shares of the company’s stock, valued at $1,966,737.96. The disclosure for this sale can be found here. 1.25% of the stock is currently owned by insiders.
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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