Jennison Associates LLC boosted its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 1,343.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,906 shares of the industrial products company's stock after purchasing an additional 17,596 shares during the period. Jennison Associates LLC's holdings in Hubbell were worth $8,098,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mizuho Securities USA LLC increased its position in shares of Hubbell by 192,421.1% in the third quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company's stock valued at $3,418,233,000 after acquiring an additional 7,975,855 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Hubbell by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company's stock worth $743,970,000 after purchasing an additional 291,850 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Hubbell by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company's stock worth $821,989,000 after purchasing an additional 286,134 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Hubbell by 42,735.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company's stock valued at $8,223,740,000 after buying an additional 1,915,383 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Hubbell by 3.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,335,218 shares of the industrial products company's stock valued at $487,995,000 after buying an additional 46,813 shares in the last quarter. 88.16% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Mark Eugene Mikes sold 1,144 shares of Hubbell stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the transaction, the insider now directly owns 2,957 shares of the company's stock, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.66% of the stock is owned by insiders.
Several research firms have issued reports on HUBB. Barclays upped their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. Mizuho lifted their price target on Hubbell from $450.00 to $490.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft upgraded Hubbell from a "hold" rating to a "buy" rating and upped their price objective for the company from $431.00 to $441.00 in a research note on Friday, September 6th. Sanford C. Bernstein began coverage on Hubbell in a report on Tuesday, November 5th. They set an "outperform" rating and a $535.00 target price on the stock. Finally, Stephens restated an "overweight" rating and issued a $450.00 price target on shares of Hubbell in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $445.56.
Check Out Our Latest Report on HUBB
HUBB stock opened at $460.81 on Friday. Hubbell Incorporated has a 52 week low of $293.91 and a 52 week high of $481.35. The company has a market capitalization of $24.73 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 1.68 and a beta of 0.90. The company's 50-day simple moving average is $440.09 and its 200 day simple moving average is $401.71. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66.
Hubbell (NYSE:HUBB - Get Free Report) last announced its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.95 EPS. As a group, sell-side analysts anticipate that Hubbell Incorporated will post 16.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.15%. This is a boost from Hubbell's previous quarterly dividend of $1.22. Hubbell's dividend payout ratio (DPR) is presently 38.04%.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Hubbell, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hubbell wasn't on the list.
While Hubbell currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.