State Board of Administration of Florida Retirement System raised its position in shares of Hubbell Incorporated (NYSE:HUBB – Get Rating) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,284 shares of the industrial products company’s stock after acquiring an additional 3,110 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.11% of Hubbell worth $14,382,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. First Manhattan Co. purchased a new stake in shares of Hubbell in the first quarter worth about $28,000. Northwest Investment Counselors LLC purchased a new position in Hubbell in the fourth quarter valued at about $32,000. IFP Advisors Inc boosted its holdings in Hubbell by 25.7% in the third quarter. IFP Advisors Inc now owns 274 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 56 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Hubbell in the fourth quarter valued at about $41,000. Finally, Paragon Wealth Strategies LLC purchased a new position in Hubbell in the third quarter valued at about $45,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on HUBB. Morgan Stanley increased their price target on Hubbell from $226.00 to $238.00 and gave the company an “equal weight” rating in a report on Wednesday, February 1st. StockNews.com cut Hubbell from a “strong-buy” rating to a “buy” rating in a research note on Friday. JPMorgan Chase & Co. upgraded Hubbell from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $200.00 to $205.00 in a research note on Wednesday, February 1st. Mizuho upped their price objective on Hubbell from $252.00 to $300.00 in a research note on Wednesday, April 26th. Finally, Wells Fargo & Company cut their price objective on Hubbell from $225.00 to $221.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Hubbell currently has an average rating of “Hold” and a consensus target price of $237.33.
Hubbell Stock Up 1.0 %
Hubbell (NYSE:HUBB – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The industrial products company reported $3.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $1.15. Hubbell had a return on equity of 27.72% and a net margin of 11.15%. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company posted $2.12 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities research analysts forecast that Hubbell Incorporated will post 13.81 earnings per share for the current year.
Hubbell Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Tuesday, May 30th. Hubbell’s dividend payout ratio (DPR) is 42.79%.
Hubbell Profile
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.
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