Deutsche Bank AG Increases Holdings in Hubbell Inc (NYSE:HUBB)

Key Points

• Deutsche Bank AG increased its stake in Hubbell Inc by 35.1%, owning over 1 million shares valued at approximately $365 million after additional purchases in the first quarter.
• Hubbell reported an EPS of $4.93 for the most recent quarter, exceeding expectations, but revenue fell short at $1.48 billion compared to the anticipated $1.51 billion.
• The company recently declared a quarterly dividend of $1.32, with an annualized yield of 1.3%, reflecting a 34.29% dividend payout ratio.

Deutsche Bank AG increased its stake in Hubbell Inc (NYSE:HUBB - Free Report) by 35.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,104,085 shares of the industrial products company's stock after buying an additional 287,047 shares during the quarter. Deutsche Bank AG owned 2.06% of Hubbell worth $365,353,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in Hubbell by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company's stock valued at $937,623,000 after acquiring an additional 7,142 shares during the last quarter. Northern Trust Corp lifted its stake in Hubbell by 16.4% in the fourth quarter. Northern Trust Corp now owns 518,111 shares of the industrial products company's stock valued at $217,032,000 after purchasing an additional 72,913 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Hubbell by 6.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 399,421 shares of the industrial products company's stock valued at $167,314,000 after purchasing an additional 25,534 shares during the period. Victory Capital Management Inc. grew its holdings in Hubbell by 20.0% during the first quarter. Victory Capital Management Inc. now owns 369,087 shares of the industrial products company's stock valued at $122,135,000 after purchasing an additional 61,597 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Hubbell by 80.1% in the fourth quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company's stock worth $140,876,000 after buying an additional 149,622 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Down 1.4%

HUBB stock opened at $417.68 on Friday. The stock has a 50-day simple moving average of $411.30 and a two-hundred day simple moving average of $383.25. Hubbell Inc has a twelve month low of $299.42 and a twelve month high of $481.35. The firm has a market capitalization of $22.29 billion, a PE ratio of 27.12, a PEG ratio of 2.37 and a beta of 0.99. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.30.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, beating the consensus estimate of $4.36 by $0.57. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.51 billion. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. On average, equities analysts predict that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.3%. Hubbell's dividend payout ratio is presently 34.29%.

Analyst Ratings Changes

A number of research analysts have recently commented on HUBB shares. JPMorgan Chase & Co. upped their price target on Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wall Street Zen upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lifted their target price on shares of Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Barclays upped their price target on shares of Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Hubbell presently has an average rating of "Hold" and an average price target of $462.29.

Insider Buying and Selling at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the transaction, the director directly owned 1,727 shares in the company, valued at $667,122.83. This represents a 18.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gerben Bakker sold 7,723 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total value of $2,970,497.49. Following the completion of the sale, the chief executive officer directly owned 82,101 shares in the company, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company's stock.

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.

Want to see what other hedge funds are holding HUBB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hubbell Inc (NYSE:HUBB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.