Penserra Capital Management LLC Acquires Shares of 1,120 Hubbell Incorporated (HUBB)
Penserra Capital Management LLC acquired a new stake in shares of Hubbell Incorporated (NYSE:HUBB) during the third quarter, Holdings Channel reports. The firm acquired 1,120 shares of the industrial products company’s stock, valued at approximately $149,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. American Century Companies Inc. raised its position in Hubbell by 46.5% in the second quarter. American Century Companies Inc. now owns 2,792,582 shares of the industrial products company’s stock worth $295,288,000 after acquiring an additional 885,909 shares in the last quarter. FMR LLC raised its position in Hubbell by 25.5% in the second quarter. FMR LLC now owns 1,662,452 shares of the industrial products company’s stock worth $175,788,000 after acquiring an additional 337,915 shares in the last quarter. BlackRock Inc. raised its position in Hubbell by 7.1% in the second quarter. BlackRock Inc. now owns 4,951,945 shares of the industrial products company’s stock worth $523,619,000 after acquiring an additional 329,485 shares in the last quarter. Boston Partners raised its position in Hubbell by 26.6% in the second quarter. Boston Partners now owns 757,486 shares of the industrial products company’s stock worth $80,097,000 after acquiring an additional 159,118 shares in the last quarter. Finally, Morgan Stanley raised its position in Hubbell by 25.6% in the second quarter. Morgan Stanley now owns 573,201 shares of the industrial products company’s stock worth $60,610,000 after acquiring an additional 116,887 shares in the last quarter. Institutional investors and hedge funds own 86.00% of the company’s stock.
Several equities research analysts have commented on the stock. Morgan Stanley set a $131.00 price target on shares of Hubbell and gave the stock a “buy” rating in a research report on Wednesday, October 24th. Wolfe Research upgraded shares of Hubbell to a “buy” rating and set a $131.00 price target on the stock in a research report on Wednesday, October 24th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, ValuEngine cut shares of Hubbell from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $137.83.
Shares of Hubbell stock opened at $106.56 on Friday. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 1.48 and a beta of 1.34. Hubbell Incorporated has a 52 week low of $97.02 and a 52 week high of $149.03. The company has a current ratio of 1.88, a quick ratio of 1.16 and a debt-to-equity ratio of 1.01.
Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.11. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Hubbell had a return on equity of 23.08% and a net margin of 6.88%. Hubbell’s revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the business posted $1.65 EPS. As a group, analysts predict that Hubbell Incorporated will post 7.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be paid a $0.84 dividend. The ex-dividend date is Thursday, November 29th. This represents a $3.36 dividend on an annualized basis and a yield of 3.15%. This is a boost from Hubbell’s previous quarterly dividend of $0.77. Hubbell’s dividend payout ratio (DPR) is currently 51.94%.
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Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.
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