Liberty Wealth Management LLC Buys New Holdings in Hubbell Inc (NYSE:HUBB)

Key Points

• Liberty Wealth Management LLC has acquired a new stake in Hubbell Inc, purchasing 13,236 shares valued at approximately $4.38 million.
• Hubbell recently announced a quarterly dividend of $1.32 per share, with a total annual dividend yield of 1.2%.
• Analysts have raised their price targets for Hubbell, with JPMorgan Chase increasing it from $352 to $417 and Wells Fargo from $420 to $445, indicating a growing confidence in the stock.

Liberty Wealth Management LLC bought a new stake in Hubbell Inc (NYSE:HUBB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,236 shares of the industrial products company's stock, valued at approximately $4,380,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HUBB. Tsfg LLC bought a new stake in Hubbell in the 1st quarter valued at about $30,000. Johnson Financial Group Inc. increased its position in Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after buying an additional 65 shares in the last quarter. NBC Securities Inc. bought a new stake in Hubbell in the 1st quarter valued at about $49,000. CX Institutional bought a new stake in Hubbell in the 1st quarter valued at about $49,000. Finally, Intact Investment Management Inc. bought a new stake in Hubbell in the 1st quarter valued at about $66,000. 88.16% of the stock is owned by institutional investors.

Insider Activity at Hubbell

In other news, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the completion of the transaction, the director directly owned 1,727 shares of the company's stock, valued at $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gerben Bakker sold 7,723 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer 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.

Hubbell Stock Performance

HUBB stock opened at $426.27 on Friday. The firm has a market cap of $22.75 billion, a PE ratio of 27.68, a P/E/G ratio of 2.39 and a beta of 0.99. The company has a quick ratio of 0.73, a current ratio of 1.30 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $408.97 and a 200-day moving average of $383.20. Hubbell Inc has a 12-month low of $299.42 and a 12-month high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last released its earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share (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 analyst estimates of $1.51 billion. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. As a group, sell-side analysts expect that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently announced 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 1.2%. Hubbell's dividend payout ratio is currently 34.29%.

Analyst Upgrades and Downgrades

A number of analysts have commented on HUBB shares. JPMorgan Chase & Co. boosted their price objective on Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. 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 report on Wednesday. Barclays boosted their price objective on Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Wall Street Zen raised Hubbell from a "hold" rating to a "buy" rating in a report on Saturday. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price 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.

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