Van ECK Associates Corp Increases Stock Position in Hubbell Incorporated (NYSE:HUBB)

Van ECK Associates Corp boosted its stake in Hubbell Incorporated (NYSE:HUBB) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,881 shares of the industrial products company’s stock after acquiring an additional 890 shares during the period. Van ECK Associates Corp’s holdings in Hubbell were worth $2,592,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HUBB. International Assets Investment Management LLC lifted its position in Hubbell by 32,734.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,472,949 shares of the industrial products company’s stock valued at $484,497,000 after acquiring an additional 1,468,463 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Hubbell by 46.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,020,067 shares of the industrial products company’s stock valued at $319,699,000 after acquiring an additional 323,116 shares during the last quarter. abrdn plc lifted its position in Hubbell by 2,167.6% in the fourth quarter. abrdn plc now owns 206,643 shares of the industrial products company’s stock valued at $67,971,000 after acquiring an additional 197,530 shares during the last quarter. Fiera Capital Corp purchased a new stake in Hubbell in the third quarter valued at $39,502,000. Finally, Invesco Ltd. lifted its position in Hubbell by 10.7% in the third quarter. Invesco Ltd. now owns 1,195,043 shares of the industrial products company’s stock valued at $374,538,000 after acquiring an additional 115,886 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Trading Up 1.3 %

NYSE HUBB opened at $393.06 on Wednesday. The stock has a market capitalization of $21.08 billion, a P/E ratio of 29.31, a P/E/G ratio of 1.47 and a beta of 0.96. Hubbell Incorporated has a 52-week low of $248.37 and a 52-week high of $429.61. The firm has a 50-day moving average price of $398.93 and a 200 day moving average price of $347.48. The company has a quick ratio of 1.03, a current ratio of 1.66 and a debt-to-equity ratio of 0.64.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $3.61 earnings per share. Equities research analysts expect that Hubbell Incorporated will post 16.35 EPS for the current year.

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Thursday, May 30th. Hubbell’s dividend payout ratio is currently 36.39%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HUBB. Mizuho boosted their price target on shares of Hubbell from $370.00 to $450.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. StockNews.com cut shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Barclays reduced their target price on shares of Hubbell from $400.00 to $384.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Wells Fargo & Company reduced their target price on shares of Hubbell from $435.00 to $397.00 and set an “equal weight” rating for the company in a report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Hubbell in a report on Monday, March 11th. They issued a “hold” rating and a $427.00 target price for the company. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Hubbell has an average rating of “Moderate Buy” and a consensus target price of $386.57.

Insider Transactions at Hubbell

In other Hubbell news, Director Neal J. Keating acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of $378.77 per share, for a total transaction of $189,385.00. Following the transaction, the director now directly owns 8,571 shares of the company’s stock, valued at $3,246,437.67. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Hubbell news, Director Neal J. Keating purchased 500 shares of Hubbell stock in a transaction on Friday, May 3rd. The shares were bought at an average price of $378.77 per share, with a total value of $189,385.00. Following the completion of the acquisition, the director now directly owns 8,571 shares of the company’s stock, valued at $3,246,437.67. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark Eugene Mikes sold 1,837 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the sale, the insider now owns 5,296 shares in the company, valued at $1,896,815.36. The disclosure for this sale can be found here. Corporate insiders own 0.78% 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.