SPX Gestao de Recursos Ltda Purchases New Shares in Hubbell Incorporated (NYSE:HUBB)

SPX Gestao de Recursos Ltda purchased a new stake in Hubbell Incorporated (NYSE:HUBB) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 23,310 shares of the industrial products company’s stock, valued at approximately $9,985,000. Hubbell comprises 1.3% of SPX Gestao de Recursos Ltda’s holdings, making the stock its 17th biggest holding.

A number of other institutional investors have also made changes to their positions in HUBB. Oddo BHF Asset Management Sas bought a new stake in Hubbell during the 3rd quarter worth about $413,000. Franklin Resources Inc. increased its stake in shares of Hubbell by 32.7% in the 3rd quarter. Franklin Resources Inc. now owns 99,405 shares of the industrial products company’s stock valued at $45,776,000 after acquiring an additional 24,486 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Hubbell by 8.5% in the 3rd quarter. Tidal Investments LLC now owns 2,358 shares of the industrial products company’s stock valued at $1,010,000 after acquiring an additional 184 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Hubbell in the 3rd quarter valued at approximately $247,000. Finally, M&T Bank Corp grew its position in shares of Hubbell by 0.5% in the 3rd quarter. M&T Bank Corp now owns 26,242 shares of the industrial products company’s stock valued at $11,241,000 after purchasing an additional 124 shares during the period. 88.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HUBB. Wells Fargo & Company boosted their price objective on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Barclays upped their price target on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Mizuho upped their price target on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein initiated coverage on Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $472.13.

Hubbell Stock Performance

HUBB stock traded down $0.11 during trading hours on Friday, hitting $455.23. 47,599 shares of the stock were exchanged, compared to its average volume of 437,510. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $24.43 billion, a P/E ratio of 32.81, a P/E/G ratio of 1.70 and a beta of 0.91. The company has a 50-day simple moving average of $451.38 and a two-hundred day simple moving average of $407.87. Hubbell Incorporated has a 12 month low of $315.38 and a 12 month high of $481.35.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping 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 return on equity of 28.81% and a net margin of 13.33%. Hubbell’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.95 EPS. On average, analysts forecast that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The firm 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. The ex-dividend date is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a yield of 1.16%. Hubbell’s dividend payout ratio (DPR) is 38.04%.

Insider Activity at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of Hubbell stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the sale, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.66% of the stock is currently owned by 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.