Tokio Marine Asset Management Co. Ltd. Makes New $203,000 Investment in Hubbell Incorporated (NYSE:HUBB)

Posted by Defense World Staff on Apr 10th, 2023

Tokio Marine Asset Management Co. Ltd. purchased a new stake in Hubbell Incorporated (NYSE:HUBB – Get Rating) in the fourth quarter, HoldingsChannel reports. The firm purchased 863 shares of the industrial products company’s stock, valued at approximately $203,000.

Other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Hubbell by 69.4% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 4,870,982 shares of the industrial products company’s stock valued at $1,086,230,000 after acquiring an additional 1,995,155 shares in the last quarter. Wellington Management Group LLP raised its stake in Hubbell by 133.8% in the first quarter. Wellington Management Group LLP now owns 1,543,481 shares of the industrial products company’s stock valued at $283,646,000 after purchasing an additional 883,272 shares in the last quarter. Scout Investments Inc. grew its position in Hubbell by 118.7% in the fourth quarter. Scout Investments Inc. now owns 301,556 shares of the industrial products company’s stock valued at $70,769,000 after acquiring an additional 163,691 shares during the last quarter. ExodusPoint Capital Management LP raised its stake in Hubbell by 161.8% during the third quarter. ExodusPoint Capital Management LP now owns 243,158 shares of the industrial products company’s stock worth $54,224,000 after acquiring an additional 150,269 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in Hubbell by 1,817.2% in the first quarter. Prudential Financial Inc. now owns 143,443 shares of the industrial products company’s stock valued at $26,361,000 after buying an additional 135,961 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on HUBB shares. Wells Fargo & Company lifted their target price on shares of Hubbell from $221.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 1st. JPMorgan Chase & Co. upgraded Hubbell from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $200.00 to $205.00 in a report on Wednesday, February 1st. UBS Group downgraded Hubbell from a “neutral” rating to a “sell” rating and cut their target price for the stock from $254.00 to $225.00 in a report on Wednesday, January 4th. Morgan Stanley increased their price target on Hubbell from $226.00 to $238.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Finally, StockNews.com assumed coverage on Hubbell in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Hubbell has an average rating of “Hold” and an average price target of $230.00.

Insider Buying and Selling

In related news, CEO Gerben Bakker sold 9,350 shares of the stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $240.80, for a total transaction of $2,251,480.00. Following the completion of the transaction, the chief executive officer now owns 37,801 shares in the company, valued at $9,102,480.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.82% of the stock is currently owned by corporate insiders.

Hubbell Trading Down 1.2 %

HUBB opened at $221.28 on Monday. The firm has a market capitalization of $11.86 billion, a PE ratio of 21.26, a P/E/G ratio of 1.96 and a beta of 1.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.86 and a quick ratio of 1.18. Hubbell Incorporated has a fifty-two week low of $170.21 and a fifty-two week high of $263.30. The company’s 50-day moving average is $241.73 and its 200 day moving average is $238.35.

Hubbell (NYSE:HUBB – Get Rating) last posted its earnings results on Tuesday, January 31st. The industrial products company reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.19. Hubbell had a net margin of 11.40% and a return on equity of 25.03%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $2.07 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. As a group, research analysts predict that Hubbell Incorporated will post 11.27 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, February 27th. Hubbell’s payout ratio is 43.04%.

Hubbell Company Profile

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Hubbell, Inc engages in the designing, manufacturing, and sale of electrical and electronic products for non-residential and residential construction, industrial, and utility applications. It operates through the Electrical Solutions and Utility Solutions segments. The Electrical Solutions segment manufactures and sells wiring and electrical, lighting fixtures, and controls for indoor and outdoor applications as well as specialty lighting and communications products.