Van ECK Associates Corp trimmed its holdings in Hubbell Incorporated (NYSE:HUBB – Get Rating) by 66.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 732 shares of the industrial products company’s stock after selling 1,451 shares during the period. Van ECK Associates Corp’s holdings in Hubbell were worth $172,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Gulf International Bank UK Ltd acquired a new stake in shares of Hubbell in the fourth quarter valued at approximately $2,479,000. Nordea Investment Management AB bought a new position in Hubbell during the 4th quarter worth $1,044,000. Swiss National Bank increased its stake in Hubbell by 71.5% during the 4th quarter. Swiss National Bank now owns 218,100 shares of the industrial products company’s stock worth $51,184,000 after acquiring an additional 90,900 shares during the period. Russell Investments Group Ltd. increased its stake in Hubbell by 16.3% during the 4th quarter. Russell Investments Group Ltd. now owns 33,042 shares of the industrial products company’s stock worth $7,755,000 after acquiring an additional 4,625 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Hubbell in the 4th quarter valued at $562,000. 89.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
HUBB has been the topic of several recent analyst reports. StockNews.com upgraded Hubbell from a “buy” rating to a “strong-buy” rating in a research note on Monday. Wells Fargo & Company dropped 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. Morgan Stanley boosted their price objective on Hubbell from $226.00 to $238.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Mizuho boosted their price objective on Hubbell from $252.00 to $300.00 in a research note on Wednesday, April 26th. Finally, JPMorgan Chase & Co. raised Hubbell from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $200.00 to $205.00 in a research note on Wednesday, February 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Hubbell has a consensus rating of “Hold” and an average price target of $237.33.
Insider Activity at Hubbell
Hubbell Stock Performance
Shares of HUBB opened at $275.01 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.99. The stock has a 50 day moving average price of $246.40 and a two-hundred day moving average price of $243.74. The firm has a market capitalization of $14.74 billion, a P/E ratio of 26.27, a P/E/G ratio of 1.98 and a beta of 0.99. Hubbell Incorporated has a 52 week low of $170.21 and a 52 week high of $282.19.
Hubbell (NYSE:HUBB – Get Rating) last released its earnings results on Tuesday, April 25th. The industrial products company reported $3.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $1.15. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.25 billion. Hubbell had a return on equity of 27.72% and a net margin of 11.15%. Hubbell’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.12 earnings per share. Equities analysts forecast that Hubbell Incorporated will post 13.81 earnings per share for the current fiscal year.
Hubbell Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be paid a $1.12 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $4.48 annualized dividend and a yield of 1.63%. Hubbell’s payout ratio 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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