Sumitomo Mitsui Trust Group Inc. Acquires 8,197 Shares of Hubbell Inc $HUBB

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Hubbell Inc (NYSE:HUBB) by 7.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 125,791 shares of the industrial products company’s stock after purchasing an additional 8,197 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Hubbell worth $51,374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. McKinley Carter Wealth Services Inc. lifted its position in Hubbell by 16.7% during the second quarter. McKinley Carter Wealth Services Inc. now owns 19,829 shares of the industrial products company’s stock valued at $8,098,000 after purchasing an additional 2,843 shares during the period. Belpointe Asset Management LLC bought a new position in Hubbell during the second quarter valued at approximately $320,000. Venturi Wealth Management LLC bought a new position in Hubbell during the second quarter valued at approximately $490,000. Teacher Retirement System of Texas lifted its position in Hubbell by 1,462.9% during the first quarter. Teacher Retirement System of Texas now owns 7,846 shares of the industrial products company’s stock valued at $2,596,000 after purchasing an additional 7,344 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new position in Hubbell during the first quarter valued at approximately $1,423,000. Institutional investors own 88.16% of the company’s stock.

Analyst Ratings Changes

HUBB has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Hubbell from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company upgraded shares of Hubbell from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $445.00 to $490.00 in a research report on Tuesday, September 2nd. Barclays increased their price target 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of Hubbell in a research report on Wednesday, October 8th. Finally, Mizuho increased their price target on shares of Hubbell from $475.00 to $480.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $476.50.

Hubbell Stock Down 0.1%

Shares of HUBB stock opened at $434.10 on Tuesday. The company has a market capitalization of $23.07 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 2.42 and a beta of 0.96. Hubbell Inc has a one year low of $299.42 and a one year high of $481.35. The company’s fifty day moving average price is $431.32 and its 200-day moving average price is $407.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share 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 analysts’ expectations of $1.51 billion. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. Sell-side analysts expect that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a dividend of $1.42 per share. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from Hubbell’s previous quarterly dividend of $1.32. This represents a $5.68 annualized dividend and a yield of 1.3%. Hubbell’s dividend payout ratio is 34.29%.

About Hubbell

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.