Candriam Luxembourg S.C.A. Raises Holdings in Hubbell Inc (HUBB)
Candriam Luxembourg S.C.A. boosted its holdings in Hubbell Inc (NYSE:HUBB) by 51.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,424 shares of the industrial products company’s stock after acquiring an additional 32,372 shares during the quarter. Candriam Luxembourg S.C.A. owned about 0.17% of Hubbell worth $11,071,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. increased its stake 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 worth $110,000 after purchasing an additional 935 shares in the last quarter. Acrospire Investment Management LLC increased its stake in 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 purchasing an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Hubbell in the 2nd quarter worth about $182,000. Global X Management Co. LLC increased its stake in 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 purchasing an additional 1,210 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC purchased a new position in Hubbell in the 2nd quarter worth about $225,000. Hedge funds and other institutional investors own 85.17% of the company’s stock.
In other Hubbell news, insider Gerben Bakker sold 590 shares of Hubbell stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $125.34, for a total transaction of $73,950.60. Following the transaction, the insider now owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.28% of the company’s stock.
HUBB has been the topic of a number of analyst reports. BidaskClub raised Hubbell from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research raised Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Wednesday, September 27th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $132.00 price target (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Hubbell has an average rating of “Hold” and a consensus price target of $124.00.
Shares of Hubbell Inc (HUBB) traded down $0.41 on Friday, reaching $122.60. The company had a trading volume of 260,711 shares, compared to its average volume of 345,622. The stock has a market cap of $6,690.00 and a PE ratio of 21.43. Hubbell Inc has a 1 year low of $109.27 and a 1 year high of $127.34. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43.
Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.15. The firm had revenue of $950.50 million for the quarter, compared to analysts’ expectations of $960.28 million. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. Hubbell’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $1.63 EPS. equities analysts anticipate that Hubbell Inc will post 5.44 EPS for the current year.
Hubbell declared that its board has authorized a stock buyback plan on Friday, October 20th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 2.51%. The ex-dividend date is Wednesday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $0.70. Hubbell’s payout ratio is 54.05%.
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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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