2,634 Shares in Hubbell Incorporated (NYSE:HUBB) Purchased by Eventide Asset Management LLC

Eventide Asset Management LLC acquired a new stake in Hubbell Incorporated (NYSE:HUBB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,634 shares of the industrial products company’s stock, valued at approximately $1,128,000.

Other institutional investors have also bought and sold shares of the company. Prospera Private Wealth LLC acquired a new stake in shares of Hubbell in the third quarter valued at approximately $33,000. Ashton Thomas Securities LLC purchased a new stake in Hubbell in the 3rd quarter valued at $41,000. Quarry LP purchased a new stake in Hubbell in the 2nd quarter valued at $49,000. Northwest Investment Counselors LLC acquired a new stake in shares of Hubbell in the 3rd quarter worth $58,000. Finally, GAMMA Investing LLC raised its holdings in shares of Hubbell by 84.7% during the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 72 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Price Performance

HUBB opened at $459.89 on Friday. The stock’s 50-day moving average price is $445.68 and its 200 day moving average price is $404.26. Hubbell Incorporated has a 12-month low of $295.60 and a 12-month high of $481.35. The firm has a market cap of $24.68 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 1.71 and a beta of 0.90. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last issued its quarterly 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 business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.95 earnings per share. As a group, sell-side analysts expect that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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. The ex-dividend date is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. Hubbell’s payout ratio is 35.16%.

Insider Activity

In related news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut shares of Hubbell from a “buy” rating to a “hold” rating and cut their price objective for the stock from $493.00 to $473.00 in a research report on Tuesday. Sanford C. Bernstein started coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price target on the stock. JPMorgan Chase & Co. cut 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 report on Thursday, October 10th. Morgan Stanley raised their target price on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their price target on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $449.11.

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.