Hubbell Inc (NYSE:HUBB) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Hubbell Inc by 13.2% during Q1, owning a total of 96,047 shares valued at approximately $31.78 million.
• Multiple analysts, including Barclays and Wells Fargo, have recently revised their price targets for Hubbell, with the average target now set at $462.29.
• Hubbell announced a quarterly dividend of $1.32 per share, payable on September 15th, reflecting an annual yield of 1.3% based on the current trading price.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 13.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,047 shares of the industrial products company's stock after buying an additional 11,211 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Hubbell worth $31,783,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tsfg LLC bought a new stake in shares of Hubbell in the first quarter valued at about $30,000. Johnson Financial Group Inc. grew its stake in shares of Hubbell by 166.7% during the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock worth $44,000 after acquiring an additional 65 shares during the last quarter. CX Institutional purchased a new stake in shares of Hubbell during the first quarter worth about $49,000. NBC Securities Inc. purchased a new stake in shares of Hubbell during the first quarter worth about $49,000. Finally, Intact Investment Management Inc. purchased a new stake in shares of Hubbell during the first quarter worth about $66,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Trading Down 1.3%

Shares of HUBB traded down $5.83 during midday trading on Thursday, reaching $438.12. The company had a trading volume of 396,462 shares, compared to its average volume of 637,006. Hubbell Inc has a 1-year low of $299.42 and a 1-year high of $481.35. The stock has a market cap of $23.28 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 2.42 and a beta of 0.99. The firm has a 50 day simple moving average of $414.49 and a 200-day simple moving average of $382.53. 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 earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.51 billion. Research analysts forecast that Hubbell Inc will post 17.63 EPS 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 given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's dividend payout ratio (DPR) is presently 34.29%.

Analyst Ratings Changes

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

Insider Activity

In related news, Director Carlos M. Cardoso sold 400 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total transaction of $154,516.00. Following the completion of the sale, the director directly owned 1,727 shares of the company's stock, valued at approximately $667,122.83. This trade represents a 18.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.66% of the company's stock.

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.