Norges Bank purchased a new stake in Hubbell Incorporated (NYSE:HUBB) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 344,322 shares of the industrial products company’s stock, valued at approximately $34,205,000.
A number of other hedge funds have also recently made changes to their positions in HUBB. Bank of New York Mellon Corp increased its stake in Hubbell by 0.5% during the third quarter. Bank of New York Mellon Corp now owns 788,981 shares of the industrial products company’s stock worth $105,383,000 after acquiring an additional 4,092 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Hubbell by 5.2% during the third quarter. Dimensional Fund Advisors LP now owns 380,385 shares of the industrial products company’s stock worth $50,808,000 after acquiring an additional 18,883 shares during the last quarter. Franklin Resources Inc. acquired a new stake in Hubbell during the third quarter worth $235,000. LPL Financial LLC acquired a new stake in Hubbell during the third quarter worth $304,000. Finally, The Manufacturers Life Insurance Company increased its stake in Hubbell by 3.9% during the third quarter. The Manufacturers Life Insurance Company now owns 90,761 shares of the industrial products company’s stock worth $12,123,000 after acquiring an additional 3,426 shares during the last quarter. Hedge funds and other institutional investors own 86.56% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Hubbell from a “hold” rating to a “sell” rating in a research note on Wednesday. JMP Securities set a $146.00 price objective on Hubbell and gave the company a “buy” rating in a research note on Tuesday, April 2nd. ValuEngine raised Hubbell from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. CIBC reaffirmed a “market perform” rating on shares of Hubbell in a research note on Tuesday, January 8th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Hubbell in a research note on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $133.29.
In related news, VP An-Ping Hsieh sold 6,315 shares of Hubbell stock in a transaction on Friday, March 15th. The stock was sold at an average price of $122.32, for a total value of $772,450.80. Following the completion of the transaction, the vice president now directly owns 24,376 shares in the company, valued at $2,981,672.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.20% of the company’s stock.
Shares of NYSE HUBB opened at $125.40 on Wednesday. Hubbell Incorporated has a twelve month low of $91.88 and a twelve month high of $137.67. The company has a quick ratio of 1.18, a current ratio of 1.96 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $6.79 billion, a PE ratio of 17.04, a PEG ratio of 1.54 and a beta of 1.44.
Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, February 5th. The industrial products company reported $1.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.03. Hubbell had a return on equity of 23.08% and a net margin of 8.04%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was up 24.7% on a year-over-year basis. As a group, research analysts anticipate that Hubbell Incorporated will post 8.07 EPS for the current year.
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Hubbell Company Profile
Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.
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