Hubbell Inc (NYSE:HUBB) Shares Acquired by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Hubbell Inc by 37.9%, owning a total of 36,400 shares worth approximately $12 million after acquiring an additional 10,000 shares.
• Following its quarterly earnings report, Hubbell's stock currently maintains a consensus rating of "Hold" with an average price target of $462.29.
• Hubbell recently declared a quarterly dividend of $1.32 per share, translating to an annualized yield of 1.3%, reflecting a payout ratio of 34.29%.

Forsta AP Fonden lifted its holdings in Hubbell Inc (NYSE:HUBB - Free Report) by 37.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,400 shares of the industrial products company's stock after buying an additional 10,000 shares during the quarter. Forsta AP Fonden owned approximately 0.07% of Hubbell worth $12,045,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of HUBB. Tsfg LLC bought a new position in Hubbell in the first quarter worth approximately $30,000. Johnson Financial Group Inc. boosted its position in shares of Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock worth $44,000 after purchasing an additional 65 shares in the last quarter. CX Institutional purchased a new position in Hubbell in the 1st quarter worth $49,000. NBC Securities Inc. purchased a new position in Hubbell in the 1st quarter worth $49,000. Finally, Intact Investment Management Inc. purchased a new position in Hubbell in the 1st quarter worth $66,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Trading Up 3.5%

HUBB traded up $14.64 during trading hours on Tuesday, reaching $432.18. The company's stock had a trading volume of 414,539 shares, compared to its average volume of 638,075. Hubbell Inc has a fifty-two week low of $299.42 and a fifty-two week high of $481.35. The stock has a market cap of $22.97 billion, a PE ratio of 28.06, a P/E/G ratio of 2.34 and a beta of 0.99. The business's 50-day moving average is $412.60 and its 200-day moving average is $381.76. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76.

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

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $1.32 dividend. The ex-dividend date is Friday, August 29th. This represents a $5.28 dividend on an annualized basis and a yield of 1.2%. Hubbell's dividend payout ratio is currently 34.29%.

Insider Buying and Selling

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gerben Bakker sold 7,723 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the transaction, the chief executive officer owned 82,101 shares in the company, valued at $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company's stock.

Wall Street Analysts Forecast Growth

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

Hubbell Company 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.