ExodusPoint Capital Management LP trimmed its stake in Hubbell Incorporated (NYSE:HUBB – Free Report) by 28.0% in the second quarter, Holdings Channel.com reports. The firm owned 60,137 shares of the industrial products company’s stock after selling 23,376 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Hubbell were worth $19,939,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in HUBB. Greenleaf Trust bought a new position in Hubbell during the first quarter valued at approximately $205,000. LPL Financial LLC raised its position in Hubbell by 74.8% during the first quarter. LPL Financial LLC now owns 20,283 shares of the industrial products company’s stock valued at $4,935,000 after acquiring an additional 8,679 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Hubbell during the first quarter valued at approximately $76,000. Illinois Municipal Retirement Fund raised its position in Hubbell by 57.2% during the first quarter. Illinois Municipal Retirement Fund now owns 4,827 shares of the industrial products company’s stock valued at $1,174,000 after acquiring an additional 1,756 shares in the last quarter. Finally, FIL Ltd grew its holdings in Hubbell by 9.8% during the first quarter. FIL Ltd now owns 1,360,844 shares of the industrial products company’s stock valued at $331,107,000 after purchasing an additional 121,787 shares during the last quarter. 85.97% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
HUBB has been the topic of several analyst reports. Mizuho increased their price target on Hubbell from $300.00 to $370.00 in a report on Wednesday, July 26th. Seaport Res Ptn reiterated a “buy” rating on shares of Hubbell in a report on Wednesday, November 8th. StockNews.com initiated coverage on Hubbell in a report on Thursday, October 5th. They set a “buy” rating on the stock. Wolfe Research upgraded Hubbell from an “underperform” rating to a “peer perform” rating in a report on Friday, August 11th. Finally, Stephens restated an “overweight” rating and issued a $375.00 price objective on shares of Hubbell in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell has a consensus rating of “Hold” and an average price target of $299.43.
Insider Activity at Hubbell
In other Hubbell news, VP Nero Jonathan M. Del sold 1,902 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $285.54, for a total transaction of $543,097.08. Following the completion of the sale, the vice president now directly owns 3,646 shares of the company’s stock, valued at approximately $1,041,078.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.66% of the stock is currently owned by company insiders.
Hubbell Stock Performance
Hubbell stock opened at $300.82 on Tuesday. The stock has a 50-day simple moving average of $297.89 and a 200 day simple moving average of $305.64. The company has a quick ratio of 1.43, a current ratio of 2.16 and a debt-to-equity ratio of 0.52. Hubbell Incorporated has a 12-month low of $219.77 and a 12-month high of $340.06. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.91 and a beta of 0.93.
Hubbell (NYSE:HUBB – Get Free Report) last released its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $3.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.07 by ($0.12). Hubbell had a net margin of 13.56% and a return on equity of 30.09%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm earned $3.08 earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts anticipate that Hubbell Incorporated will post 15.19 earnings per share for the current fiscal year.
Hubbell Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from Hubbell’s previous quarterly dividend of $1.12. The ex-dividend date of this dividend is Wednesday, November 29th. Hubbell’s payout ratio is currently 37.08%.
Hubbell Company Profile
Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies.
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