Balyasny Asset Management LLC Increases Position in Hubbell Inc (HUBB)
Balyasny Asset Management LLC boosted its stake in Hubbell Inc (NYSE:HUBB) by 250.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 204,813 shares of the industrial products company’s stock after buying an additional 146,359 shares during the period. Balyasny Asset Management LLC owned approximately 0.37% of Hubbell worth $23,179,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in Hubbell by 10,789.9% in the 1st quarter. BlackRock Inc. now owns 4,224,304 shares of the industrial products company’s stock valued at $507,129,000 after acquiring an additional 4,185,513 shares during the period. Schroder Investment Management Group lifted its position in Hubbell by 2,991.4% during the second quarter. Schroder Investment Management Group now owns 537,900 shares of the industrial products company’s stock worth $60,400,000 after acquiring an additional 520,500 shares during the last quarter. Principal Financial Group Inc. lifted its position in Hubbell by 65.1% during the second quarter. Principal Financial Group Inc. now owns 588,002 shares of the industrial products company’s stock worth $66,545,000 after acquiring an additional 231,936 shares during the last quarter. Crawford Investment Counsel Inc. boosted its holdings in shares of Hubbell by 735.8% during the second quarter. Crawford Investment Counsel Inc. now owns 247,564 shares of the industrial products company’s stock worth $28,017,000 after acquiring an additional 217,945 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Hubbell by 4.7% during the first quarter. Vanguard Group Inc. now owns 4,455,983 shares of the industrial products company’s stock worth $534,940,000 after acquiring an additional 201,437 shares during the period. Institutional investors and hedge funds own 85.15% of the company’s stock.
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Several equities analysts have recently commented on HUBB shares. BidaskClub raised Hubbell from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. JMP Securities initiated coverage on Hubbell in a research note on Monday, June 19th. They set a “market perform” rating on the stock. Zacks Investment Research raised Hubbell from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Wolfe Research initiated coverage on Hubbell in a report on Tuesday, July 11th. They set a “market perform” rating for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $123.67.
Hubbell Inc (HUBB) opened at 115.86 on Monday. The firm has a market capitalization of $6.34 billion, a P/E ratio of 21.98 and a beta of 1.04. Hubbell Inc has a 1-year low of $101.15 and a 1-year high of $125.93. The company has a 50 day moving average of $113.69 and a 200 day moving average of $115.88.
Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.40 by $0.11. Hubbell had a return on equity of 19.77% and a net margin of 8.23%. The business had revenue of $948.30 million for the quarter, compared to the consensus estimate of $937.35 million. During the same quarter in the prior year, the business earned $1.53 earnings per share. Hubbell’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Hubbell Inc will post $5.51 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Tuesday, August 29th. Hubbell’s dividend payout ratio is currently 53.03%.
Hubbell Company Profile
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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