Hubbell Inc $HUBB Shares Newly Purchased by Woodley Farra Manion Portfolio Management Inc.

Key Points

• Woodley Farra Manion Portfolio Management opened a Hubbell position in the third quarter, buying 115,188 shares valued at about $52.2 million. Hubbell represented 2.6% of its portfolio and was its 16th-largest holding.
• Hubbell beat quarterly estimates, reporting earnings of $5.91 per share and revenue of $1.87 billion; revenue grew 24.6% year over year. The company also raised its quarterly dividend from $1.42 to $1.52 per share.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $546. Shares opened at $438.42, below their 50-day and 200-day moving averages.

Woodley Farra Manion Portfolio Management Inc. acquired a new position in Hubbell Inc (NYSE:HUBB - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 115,188 shares of the industrial products company's stock, valued at approximately $52,249,000. Hubbell accounts for about 2.6% of Woodley Farra Manion Portfolio Management Inc.'s portfolio, making the stock its 16th biggest position. Woodley Farra Manion Portfolio Management Inc. owned about 0.22% of Hubbell at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in HUBB. BlackRock Inc. acquired a new stake in Hubbell during the 2nd quarter valued at approximately $2,455,986,000. Bank of New York Mellon Corp bought a new stake in shares of Hubbell in the 2nd quarter valued at $783,142,000. Deutsche Bank AG bought a new stake in shares of Hubbell in the 2nd quarter valued at $610,053,000. First Trust Advisors LP increased its position in shares of Hubbell by 26.9% during the first quarter. First Trust Advisors LP now owns 714,287 shares of the industrial products company's stock worth $350,529,000 after buying an additional 151,467 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Hubbell by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 512,643 shares of the industrial products company's stock worth $251,531,000 after buying an additional 4,894 shares during the period. 88.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HUBB. Wall Street Zen lowered shares of Hubbell from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Robert W. Baird cut their price target on shares of Hubbell from $550.00 to $540.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 28th. Wells Fargo & Company decreased their price target on Hubbell from $531.00 to $525.00 and set an "equal weight" rating for the company in a report on Wednesday, October 28th. JPMorgan Chase & Co. lifted their price objective on Hubbell from $485.00 to $486.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 28th. Finally, Evercore reissued an "outperform" rating and issued a $630.00 price objective on shares of Hubbell in a research note on Friday, October 9th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold 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 $546.00.

Hubbell Trading Down 0.7%

Shares of Hubbell stock opened at $438.42 on Wednesday. The stock has a fifty day simple moving average of $455.10 and a 200 day simple moving average of $486.21. Hubbell Inc has a 12-month low of $403.82 and a 12-month high of $565.50. The company has a market capitalization of $23.16 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 2.11 and a beta of 0.84. The company has a current ratio of 1.53, a quick ratio of 0.87 and a debt-to-equity ratio of 1.09.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.75 by $0.16. The business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.85 billion. Hubbell had a return on equity of 27.33% and a net margin of 13.78%. The business's revenue was up 24.6% on a year-over-year basis. During the same period last year, the business earned $5.17 EPS. On average, sell-side analysts anticipate that Hubbell Inc will post 20.55 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be given a dividend of $1.52 per share. The ex-dividend date of this dividend is Monday, November 30th. This is an increase from Hubbell's previous quarterly dividend of $1.42. This represents a $6.08 dividend on an annualized basis and a dividend yield of 1.4%. Hubbell's payout ratio is 35.64%.

About Hubbell

Hubbell Incorporated is a manufacturer of electrical and utility products serving customers in the energy, industrial, commercial and residential markets. Its products help support the generation, transmission and distribution of electricity, as well as the installation and use of electrical systems. The company's Utility Solutions business makes products such as connectors, insulators, arresters and other equipment used in electric utility networks. Its Electrical Solutions business supplies wiring devices, lighting and controls, enclosures and related products for buildings and industrial applications.

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