Hubbell Inc (HUBB) Holdings Raised by Comerica Bank
Comerica Bank raised its holdings in shares of Hubbell Inc (NYSE:HUBB) by 6.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,116 shares of the industrial products company’s stock after acquiring an additional 2,604 shares during the quarter. Comerica Bank owned approximately 0.08% of Hubbell worth $5,395,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Hubbell by 2.0% during the second quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after purchasing an additional 89,275 shares in the last quarter. BlackRock Inc. grew its position in shares of Hubbell by 1.4% during the second quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock valued at $484,595,000 after purchasing an additional 57,699 shares in the last quarter. American Century Companies Inc. grew its position in shares of Hubbell by 3.8% during the third quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock valued at $205,429,000 after purchasing an additional 64,779 shares in the last quarter. Bank of New York Mellon Corp grew its position in Hubbell by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 1,691,911 shares of the industrial products company’s stock worth $191,474,000 after acquiring an additional 122,855 shares in the last quarter. Finally, State Street Corp grew its position in Hubbell by 2.7% in the second quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock worth $162,771,000 after acquiring an additional 37,792 shares in the last quarter. Hedge funds and other institutional investors own 83.57% of the company’s stock.
Several research analysts recently commented on the company. BidaskClub lowered Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research report on Wednesday, September 27th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $132.00 price target (up previously from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $124.00.
Hubbell Inc (NYSE HUBB) opened at $120.16 on Wednesday. The company has a market capitalization of $6,588.62, a PE ratio of 20.98, a P/E/G ratio of 2.21 and a beta of 1.10. Hubbell Inc has a 12-month low of $109.32 and a 12-month 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 released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.15. The company had revenue of $950.50 million during the quarter, compared to analyst estimates of $960.28 million. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $1.63 earnings per share. analysts expect that Hubbell Inc will post 5.44 EPS for the current year.
Hubbell declared that its Board of Directors has initiated a stock buyback plan on Friday, October 20th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are 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 given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Wednesday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. Hubbell’s payout ratio is 53.95%.
In other Hubbell news, insider Gerben Bakker sold 590 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $125.34, for a total transaction of $73,950.60. Following the completion of the transaction, the insider now owns 13,249 shares in the company, valued at $1,660,629.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.28% of the stock is 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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