Avanza Fonder AB Purchases Shares of 5,842 Hubbell Incorporated (NYSE:HUBB)

Avanza Fonder AB purchased a new position in Hubbell Incorporated (NYSE:HUBB) during the 4th quarter, HoldingsChannel reports. The fund purchased 5,842 shares of the industrial products company’s stock, valued at approximately $2,447,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN lifted its position in Hubbell by 3.8% during the third quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 22 shares during the last quarter. JGP Wealth Management LLC lifted its holdings in shares of Hubbell by 1.2% during the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock worth $884,000 after acquiring an additional 26 shares during the last quarter. Avestar Capital LLC grew its position in Hubbell by 5.1% in the third quarter. Avestar Capital LLC now owns 577 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 28 shares in the last quarter. Ballentine Partners LLC increased its stake in Hubbell by 3.2% in the third quarter. Ballentine Partners LLC now owns 956 shares of the industrial products company’s stock valued at $410,000 after acquiring an additional 30 shares during the last quarter. Finally, Catalyst Financial Partners LLC raised its position in Hubbell by 4.6% during the third quarter. Catalyst Financial Partners LLC now owns 701 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

HUBB has been the subject of a number of research reports. JPMorgan Chase & Co. cut Hubbell from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and cut their target price for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Barclays lifted their price target on shares of Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Sanford C. Bernstein started coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 target price on the stock. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $471.50.

Hubbell Stock Performance

NYSE:HUBB opened at $437.52 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. The firm’s fifty day simple moving average is $442.54 and its 200 day simple moving average is $417.38. The stock has a market cap of $23.48 billion, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 1.45 and a beta of 0.93. Hubbell Incorporated has a twelve month low of $322.27 and a twelve month high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the company earned $3.95 earnings per share. Hubbell’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, research analysts predict that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is presently 38.04%.

Insider Activity at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the transaction, the insider now 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 filing with the SEC, which can be accessed through this link. 0.78% of the stock is currently owned by corporate insiders.

Hubbell 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.