Hubbell Inc (HUBB) Shares Bought by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Hubbell Inc (NYSE:HUBB) by 6.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,980 shares of the industrial products company’s stock after acquiring an additional 509 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Hubbell were worth $926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC lifted its position in Hubbell by 103.1% in the second quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock valued at $111,000 after purchasing an additional 500 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Hubbell in the second quarter valued at about $182,000. Advisors Asset Management Inc. lifted its position in Hubbell by 1,122.0% in the third quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 1,481 shares during the period. Global X Management Co. LLC lifted its position in Hubbell by 220.0% in the second quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 1,210 shares during the period. Finally, YorkBridge Wealth Partners LLC acquired a new stake in Hubbell in the second quarter valued at about $225,000. Institutional investors own 85.21% of the company’s stock.
Shares of Hubbell Inc (NYSE:HUBB) traded up $0.87 during trading on Thursday, reaching $127.60. 238,700 shares of the company’s stock were exchanged, compared to its average volume of 288,374. Hubbell Inc has a 12 month low of $109.32 and a 12 month high of $129.21. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.43 and a current ratio of 2.28. The stock has a market capitalization of $6,980.00 and a PE ratio of 22.08.
Hubbell declared that its Board of Directors has authorized a share buyback program on Friday, October 20th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.77 dividend. The ex-dividend date is Wednesday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $0.70. This represents a $3.08 dividend on an annualized basis and a yield of 2.41%. Hubbell’s dividend payout ratio (DPR) is 59.46%.
In other Hubbell news, insider Gerben Bakker sold 590 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the transaction, the insider now directly owns 13,249 shares of the company’s stock, valued at $1,660,629.66. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.28% of the company’s stock.
HUBB has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Zacks Investment Research downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Finally, Morgan Stanley restated an “overweight” rating and issued a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $124.00.
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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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