Bank of Montreal Can Sells 38,289 Shares of Hubbell Incorporated (NYSE:HUBB)
Bank of Montreal Can lowered its position in Hubbell Incorporated (NYSE:HUBB) by 87.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,589 shares of the industrial products company’s stock after selling 38,289 shares during the quarter. Bank of Montreal Can’s holdings in Hubbell were worth $747,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of HUBB. American Century Companies Inc. lifted its holdings in Hubbell by 46.5% in the 2nd quarter. American Century Companies Inc. now owns 2,792,582 shares of the industrial products company’s stock worth $295,288,000 after buying an additional 885,909 shares in the last quarter. FMR LLC raised its stake in shares of Hubbell by 25.5% in the 2nd quarter. FMR LLC now owns 1,662,452 shares of the industrial products company’s stock valued at $175,788,000 after purchasing an additional 337,915 shares in the last quarter. BlackRock Inc. raised its stake in shares of Hubbell by 7.1% in the 2nd quarter. BlackRock Inc. now owns 4,951,945 shares of the industrial products company’s stock valued at $523,619,000 after purchasing an additional 329,485 shares in the last quarter. Boston Partners raised its stake in shares of Hubbell by 26.6% in the 2nd quarter. Boston Partners now owns 757,486 shares of the industrial products company’s stock valued at $80,097,000 after purchasing an additional 159,118 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Hubbell by 25.6% in the 2nd quarter. Morgan Stanley now owns 573,201 shares of the industrial products company’s stock valued at $60,610,000 after purchasing an additional 116,887 shares in the last quarter. Hedge funds and other institutional investors own 86.41% of the company’s stock.
In other news, Director Neal J. Keating bought 1,000 shares of the firm’s stock in a transaction on Monday, October 29th. The stock was purchased at an average price of $101.55 per share, for a total transaction of $101,550.00. Following the transaction, the director now owns 6,971 shares in the company, valued at $707,905.05. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John F. Malloy bought 994 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was purchased at an average price of $100.82 per share, with a total value of $100,215.08. Following the transaction, the director now owns 13,020 shares in the company, valued at approximately $1,312,676.40. The disclosure for this purchase can be found here. 0.69% of the stock is owned by corporate insiders.
Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 23rd. The industrial products company reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.11. Hubbell had a net margin of 6.88% and a return on equity of 23.08%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. As a group, research analysts forecast that Hubbell Incorporated will post 7.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $0.77. Hubbell’s dividend payout ratio is currently 56.66%.
A number of equities research analysts have recently issued reports on HUBB shares. Zacks Investment Research upgraded shares of Hubbell from a “hold” rating to a “buy” rating and set a $147.00 target price on the stock in a research note on Thursday, October 4th. Wolfe Research upgraded shares of Hubbell to a “buy” rating and set a $131.00 target price on the stock in a research note on Wednesday, October 24th. They noted that the move was a valuation call. ValuEngine upgraded shares of Hubbell from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Finally, Morgan Stanley set a $131.00 target price on shares of Hubbell and gave the company a “buy” rating in a research note on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $137.83.
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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