Hubbell Incorporated (NYSE:HUBB) Shares Acquired by abrdn plc

abrdn plc increased its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 8.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,543 shares of the industrial products company’s stock after acquiring an additional 18,805 shares during the quarter. abrdn plc owned about 0.44% of Hubbell worth $101,931,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of Hubbell by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after acquiring an additional 291,850 shares during the period. Price T Rowe Associates Inc. MD grew its position in 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 during the last quarter. International Assets Investment Management LLC increased its stake in Hubbell by 42,735.0% in the third 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 purchasing an additional 1,915,383 shares during the period. Massachusetts Financial Services Co. MA raised its holdings 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 during the last quarter. Finally, Impax Asset Management Group plc boosted its stake in shares of Hubbell by 53.8% during the second quarter. Impax Asset Management Group plc now owns 922,801 shares of the industrial products company’s stock worth $336,984,000 after buying an additional 322,728 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Performance

Shares of HUBB opened at $440.12 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. Hubbell Incorporated has a 52-week low of $248.37 and a 52-week high of $461.77. The company has a 50-day simple moving average of $417.43 and a 200-day simple moving average of $394.88. The company has a market capitalization of $23.63 billion, a PE ratio of 32.82, a P/E/G ratio of 1.66 and a beta of 0.90.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $4.07 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts predict that Hubbell Incorporated will post 16.43 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.32 dividend. This is an increase from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Friday, November 29th. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Insider Buying and Selling

In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares in the company, valued at $608,781.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

HUBB has been the subject of several analyst reports. JPMorgan Chase & Co. downgraded Hubbell from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Stephens restated an “overweight” rating and set a $450.00 price target on shares of Hubbell in a research note on Friday, August 2nd. Wells Fargo & Company lifted their price objective on shares of Hubbell from $400.00 to $445.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley initiated coverage on shares of Hubbell in a research note on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price objective on the stock. Finally, Mizuho raised their target price on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $428.13.

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.