Stone Ridge Asset Management LLC Invests $1.74 Million in Hubbell Incorporated (HUBB) Stock
Stone Ridge Asset Management LLC acquired a new stake in Hubbell Incorporated (NYSE:HUBB) during the 4th quarter, HoldingsChannel reports. The fund acquired 12,886 shares of the industrial products company’s stock, valued at approximately $1,744,000.
Other hedge funds have also added to or reduced their stakes in the company. Quantbot Technologies LP lifted its position in Hubbell by 33.3% in the 3rd quarter. Quantbot Technologies LP now owns 6,699 shares of the industrial products company’s stock valued at $777,000 after acquiring an additional 1,675 shares in the last quarter. FTB Advisors Inc. bought a new position in Hubbell in the 4th quarter valued at approximately $292,000. Ameriprise Financial Inc. lifted its position in Hubbell by 6.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 211,211 shares of the industrial products company’s stock valued at $24,506,000 after acquiring an additional 12,019 shares in the last quarter. BTIM Corp. lifted its position in Hubbell by 0.8% in the 4th quarter. BTIM Corp. now owns 503,745 shares of the industrial products company’s stock valued at $68,177,000 after acquiring an additional 4,056 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Hubbell by 0.3% in the 4th quarter. American Century Companies Inc. now owns 1,776,319 shares of the industrial products company’s stock valued at $240,407,000 after acquiring an additional 5,685 shares in the last quarter. 85.96% of the stock is currently owned by institutional investors and hedge funds.
In other Hubbell news, Chairman David G. Nord sold 12,076 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $133.76, for a total value of $1,615,285.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen M. Mais sold 4,692 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $135.59, for a total value of $636,188.28. Following the completion of the sale, the vice president now owns 16,669 shares of the company’s stock, valued at approximately $2,260,149.71. The disclosure for this sale can be found here. 1.28% of the stock is currently owned by company insiders.
Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, January 30th. The industrial products company reported $1.54 EPS for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.12. Hubbell had a return on equity of 20.16% and a net margin of 6.63%. The company had revenue of $917.70 million for the quarter, compared to analysts’ expectations of $901.23 million. During the same period last year, the firm earned $1.35 EPS. Hubbell’s revenue for the quarter was up 7.4% compared to the same quarter last year. sell-side analysts predict that Hubbell Incorporated will post 7.18 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be issued a $0.77 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $3.08 dividend on an annualized basis and a yield of 2.45%. Hubbell’s dividend payout ratio is currently 70.00%.
Several equities analysts recently issued reports on the company. Zacks Investment Research raised Hubbell from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research report on Thursday, February 1st. Oppenheimer reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Hubbell in a research report on Tuesday, January 30th. Wolfe Research raised Hubbell from a “market perform” rating to a “buy” rating and set a $160.00 price objective on the stock in a research report on Friday, February 9th. Morgan Stanley lowered their price objective on Hubbell from $153.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Wells Fargo & Co reaffirmed a “buy” rating and issued a $143.00 price objective (up from $136.00) on shares of Hubbell in a research report on Wednesday, December 20th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $152.00.
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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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