Caxton Associates LP Buys New Holdings in Hubbell Inc (HUBB)
Caxton Associates LP bought a new stake in Hubbell Inc (NYSE:HUBB) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,400 shares of the industrial products company’s stock, valued at approximately $627,000.
Several other large investors have also made changes to their positions in HUBB. Great West Life Assurance Co. Can raised its holdings in Hubbell by 1.1% during the second quarter. Great West Life Assurance Co. Can now owns 31,292 shares of the industrial products company’s stock worth $3,539,000 after purchasing an additional 330 shares in the last quarter. Sei Investments Co. raised its holdings in Hubbell by 13.2% during the second quarter. Sei Investments Co. now owns 30,121 shares of the industrial products company’s stock worth $3,409,000 after purchasing an additional 3,505 shares in the last quarter. Pictet Asset Management Ltd. raised its holdings in Hubbell by 12.5% during the second quarter. Pictet Asset Management Ltd. now owns 45,000 shares of the industrial products company’s stock worth $5,216,000 after purchasing an additional 5,000 shares in the last quarter. Global X Management Co. LLC raised its holdings in Hubbell by 220.0% during the second 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, Trexquant Investment LP raised its holdings in Hubbell by 22.2% during the second quarter. Trexquant Investment LP now owns 4,400 shares of the industrial products company’s stock worth $498,000 after purchasing an additional 800 shares in the last quarter. 85.21% of the stock is owned by institutional investors and hedge funds.
Hubbell Inc (HUBB) traded down $0.04 during midday trading on Monday, reaching $130.75. 396,500 shares of the company traded hands, compared to its average volume of 289,722. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59. Hubbell Inc has a 52-week low of $109.32 and a 52-week high of $131.68. The stock has a market capitalization of $7,152.02, a PE ratio of 22.78, a P/E/G ratio of 2.40 and a beta of 1.09.
Hubbell declared that its Board of Directors has authorized a stock repurchase program on Friday, October 20th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management 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 given a dividend of $0.77 per share. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. This represents a $3.08 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 29th. Hubbell’s dividend payout ratio is presently 59.34%.
In other Hubbell news, insider Gerben Bakker sold 590 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the transaction, the insider now directly 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 is available at this link. Corporate insiders own 1.28% of the company’s stock.
Several research firms recently issued reports on HUBB. Morgan Stanley reissued an “overweight” rating and set a $132.00 price target (up from $130.00) on shares of Hubbell in a report on Monday, October 2nd. BidaskClub raised shares of Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, Zacks Investment Research raised shares of Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a report on Wednesday, September 27th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $124.00.
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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