Saudi Central Bank increased its position in shares of Hubbell Inc (NYSE:HUBB – Free Report) by 89.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,712 shares of the industrial products company’s stock after buying an additional 1,750 shares during the quarter. Saudi Central Bank’s holdings in Hubbell were worth $1,942,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HUBB. Pinnacle Bancorp Inc. grew its position in shares of Hubbell by 165.0% during the first quarter. Pinnacle Bancorp Inc. now owns 53 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 33 shares during the last quarter. Raiffeisen Bank International AG raised its position in Hubbell by 83.3% in the 4th quarter. Raiffeisen Bank International AG now owns 66 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 30 shares during the last quarter. Schuylkill Financial LLC acquired a new stake in Hubbell during the 2nd quarter worth $30,000. Leonteq Securities AG acquired a new stake in Hubbell during the 1st quarter worth $33,000. Finally, DV Equities LLC acquired a new stake in Hubbell during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.
Hubbell Trading Up 0.0%
Shares of Hubbell stock opened at $460.95 on Tuesday. The company has a 50-day moving average of $483.54 and a two-hundred day moving average of $494.71. Hubbell Inc has a 12-month low of $403.82 and a 12-month high of $565.50. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 1.22. The stock has a market cap of $24.35 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 2.25 and a beta of 0.89.
Hubbell Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $1.42 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $5.68 annualized dividend and a yield of 1.2%. Hubbell’s dividend payout ratio is 33.63%.
Wall Street Analyst Weigh In
A number of research firms have commented on HUBB. Morgan Stanley lifted their price objective on shares of Hubbell from $565.00 to $575.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 2nd. Weiss Ratings downgraded shares of Hubbell from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. UBS Group reissued a “neutral” rating and set a $515.00 price target on shares of Hubbell in a report on Tuesday, June 16th. Wall Street Zen cut Hubbell from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Hubbell in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $555.00.
Get Our Latest Stock Analysis on Hubbell
Insider Buying and Selling at Hubbell
In other news, VP Jonathan Del Nero sold 547 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $518.56, for a total value of $283,652.32. Following the completion of the transaction, the vice president owned 2,933 shares in the company, valued at $1,520,936.48. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.63% of the stock is currently owned by corporate insiders.
Hubbell Profile
Hubbell Incorporated (NYSE: HUBB) is an industrial manufacturer and distributor of electrical and electronic products serving a range of end markets including commercial and residential construction, industrial, and utility customers. Founded in 1888 by Harvey Hubbell, the company has a long history in electrical innovation and product development and is headquartered in Connecticut. Hubbell designs, manufactures and sells components and systems that enable the distribution and control of electrical power and provide lighting solutions for indoor and outdoor environments.
The company’s offerings span a broad portfolio of products used by contractors, utilities, original equipment manufacturers and facility owners.
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