Wahed Invest LLC Increases Stock Position in Hubbell Incorporated (NYSE:HUBB)

Wahed Invest LLC lifted its holdings in Hubbell Incorporated (NYSE:HUBB) by 12.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,300 shares of the industrial products company’s stock after purchasing an additional 140 shares during the period. Wahed Invest LLC’s holdings in Hubbell were worth $557,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of HUBB. Prospera Private Wealth LLC purchased a new stake in shares of Hubbell in the 3rd quarter worth approximately $33,000. Ashton Thomas Securities LLC purchased a new stake in Hubbell during the third quarter valued at approximately $41,000. Quarry LP purchased a new stake in Hubbell during the second quarter valued at approximately $49,000. Northwest Investment Counselors LLC purchased a new stake in Hubbell during the third quarter valued at approximately $58,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Hubbell during the second quarter valued at approximately $62,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Stock Down 1.1 %

NYSE:HUBB opened at $461.97 on Friday. The firm has a market capitalization of $24.79 billion, a P/E ratio of 33.28, a PEG ratio of 1.75 and a beta of 0.91. Hubbell Incorporated has a 1-year low of $303.06 and a 1-year high of $481.35. The company’s fifty day moving average price is $449.29 and its 200-day moving average price is $406.52. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. The company 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 firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $3.95 earnings per share. As a group, equities research analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company 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 dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.14%. The ex-dividend date is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is currently 38.04%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on HUBB shares. Morgan Stanley increased their target price on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and upped their price target for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Barclays upped their price target on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday. Sanford C. Bernstein started coverage on shares of Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price target on the stock. Finally, Mizuho upped their price target on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $457.22.

Insider Activity at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.66% of the stock is owned by company insiders.

About Hubbell

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.