Waddell & Associates LLC Makes New Investment in Hubbell Incorporated (NYSE:HUBB)

Waddell & Associates LLC bought a new position in Hubbell Incorporated (NYSE:HUBB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 740 shares of the industrial products company’s stock, valued at approximately $317,000.

Other hedge funds also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Hubbell in the 3rd quarter worth about $33,000. Ashton Thomas Securities LLC bought a new position in shares of Hubbell during the third quarter valued at $41,000. Quarry LP acquired a new position in shares of Hubbell during the second quarter worth $49,000. Northwest Investment Counselors LLC acquired a new stake in Hubbell in the third quarter valued at $58,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Hubbell during the 2nd quarter worth $62,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on HUBB. Wells Fargo & Company upped their price target on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Stephens reissued an “overweight” rating and set a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Morgan Stanley lifted their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein assumed coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 target price on the stock. Finally, JPMorgan Chase & Co. downgraded Hubbell from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $385.00 to $454.00 in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell currently has a consensus rating of “Moderate Buy” and an average target price of $445.56.

Hubbell Stock Performance

Shares of HUBB stock opened at $460.81 on Friday. Hubbell Incorporated has a 12 month low of $293.91 and a 12 month high of $481.35. The stock has a market capitalization of $24.73 billion, a P/E ratio of 33.20, a PEG ratio of 1.70 and a beta of 0.90. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average is $440.09 and its 200 day moving average is $401.71.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the company earned $3.95 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. Hubbell’s dividend payout ratio is currently 35.16%.

Insider Transactions at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the transaction, the insider now directly owns 2,957 shares in the company, valued at $1,378,553.40. The trade was a 27.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.66% of the company’s stock.

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.