Invesco Ltd. Boosts Stock Position in Hubbell Inc (NYSE:HUBB)

Key Points

• Invesco Ltd. increased its holdings in Hubbell Inc. by 2.1%, acquiring an additional 31,859 shares, bringing its total ownership to approximately 2.84% worth $503,757,000.
• Several institutional investors have recently made significant moves, with 88.16% of Hubbell's stock now owned by institutional investors, indicating strong confidence in the company's future.
• Hubbell recently reported a quarterly EPS of $4.93, exceeding the consensus estimate, and announced a quarterly dividend of $1.32 per share payable on September 15th.

Invesco Ltd. raised its stake in Hubbell Inc (NYSE:HUBB - Free Report) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,522,338 shares of the industrial products company's stock after buying an additional 31,859 shares during the period. Invesco Ltd. owned about 2.84% of Hubbell worth $503,757,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in HUBB. Bank of New York Mellon Corp lifted its position in shares of Hubbell by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company's stock worth $937,623,000 after purchasing an additional 7,142 shares during the period. Deutsche Bank AG boosted its position in shares of Hubbell by 35.1% in the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company's stock worth $365,353,000 after purchasing an additional 287,047 shares in the last quarter. Northern Trust Corp grew its stake in shares of Hubbell by 16.4% in the fourth quarter. Northern Trust Corp now owns 518,111 shares of the industrial products company's stock worth $217,032,000 after acquiring an additional 72,913 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Hubbell by 6.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 399,421 shares of the industrial products company's stock worth $167,314,000 after buying an additional 25,534 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of 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 acquiring an additional 61,597 shares in the last quarter. Institutional investors own 88.16% of the company's stock.

Analyst Ratings Changes

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

Insider Transactions at Hubbell

In related news, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total value of $154,516.00. Following the completion of the sale, the director owned 1,727 shares of the company's stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.66% of the stock is currently owned by company insiders.

Hubbell Stock Performance

NYSE HUBB traded down $5.83 on Thursday, hitting $438.12. 473,365 shares of the company's stock traded hands, compared to its average volume of 637,833. The firm's 50-day moving average price is $414.49 and its two-hundred day moving average price is $382.53. The firm has a market capitalization of $23.28 billion, a PE ratio of 28.45, a P/E/G ratio of 2.42 and a beta of 0.99. The company has a current ratio of 1.30, a quick ratio of 0.76 and a debt-to-equity ratio of 0.30. Hubbell Inc has a 1-year low of $299.42 and a 1-year high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.51 billion. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. As a group, analysts expect that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's payout ratio is 34.29%.

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.