Kornitzer Capital Management Inc. KS Acquires 2,030 Shares of Hubbell Inc $HUBB

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Hubbell Inc (NYSE:HUBB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,030 shares of the industrial products company’s stock, valued at approximately $921,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Hubbell in the second quarter valued at $2,455,986,000. Bank of New York Mellon Corp purchased a new stake in Hubbell during the second quarter valued at about $783,142,000. Deutsche Bank AG purchased a new stake in Hubbell during the second quarter valued at about $610,053,000. First Trust Advisors LP grew its position in Hubbell by 26.9% during the first quarter. First Trust Advisors LP now owns 714,287 shares of the industrial products company’s stock valued at $350,529,000 after acquiring an additional 151,467 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in 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 acquiring an additional 4,894 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Hubbell Stock Performance

Shares of HUBB stock opened at $438.42 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 0.87 and a debt-to-equity ratio of 1.09. The company has a market cap of $23.16 billion, a PE ratio of 25.70, a P/E/G ratio of 2.11 and a beta of 0.84. The company’s fifty day simple moving average is $455.10 and its 200-day simple moving average is $486.21. Hubbell Inc has a 52 week low of $403.82 and a 52 week high of $565.50.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share for the quarter, topping analysts’ consensus estimates of $5.75 by $0.16. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the company earned $5.17 EPS. The firm’s revenue was up 24.6% on a year-over-year basis. As a group, equities research analysts anticipate that Hubbell Inc will post 20.55 EPS for the current year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a $1.52 dividend. The ex-dividend date of this dividend is Monday, November 30th. This is a positive change from Hubbell’s previous quarterly dividend of $1.42. This represents a $6.08 annualized dividend and a dividend yield of 1.4%. Hubbell’s dividend payout ratio (DPR) is currently 35.64%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Seaport Research Partners restated a “buy” rating and issued a $580.00 price objective on shares of Hubbell in a report on Wednesday, September 30th. Evercore reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Hubbell in a research note on Friday, October 9th. Wells Fargo & Company decreased their target price on Hubbell from $531.00 to $525.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Robert W. Baird decreased their target price on Hubbell from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. increased their target price on shares of Hubbell from $485.00 to $486.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 28th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $546.00.

Hubbell Profile

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.