Eventide Asset Management LLC Purchases Shares of 2,634 Hubbell Incorporated (NYSE:HUBB)

Eventide Asset Management LLC acquired a new position in shares of Hubbell Incorporated (NYSE:HUBB) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,634 shares of the industrial products company’s stock, valued at approximately $1,128,000.

Other hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in Hubbell during the third quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in Hubbell during the third quarter worth approximately $41,000. Quarry LP purchased a new stake in shares of Hubbell during the 2nd quarter worth approximately $49,000. Northwest Investment Counselors LLC acquired a new position in shares of Hubbell in the 3rd quarter valued at $58,000. Finally, GAMMA Investing LLC grew its position in shares of Hubbell by 84.7% in the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock valued at $67,000 after buying an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Trading Up 0.2 %

NYSE:HUBB opened at $459.89 on Friday. Hubbell Incorporated has a 12-month low of $295.60 and a 12-month high of $481.35. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The stock’s 50 day simple moving average is $445.68 and its 200-day simple moving average is $404.26. The firm has a market cap of $24.68 billion, a P/E ratio of 33.13, a PEG ratio of 1.71 and a beta of 0.90.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. Hubbell’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.95 EPS. Equities analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a yield of 1.15%. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is presently 35.16%.

Analyst Ratings Changes

HUBB has been the subject of several research analyst reports. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, November 25th. Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and decreased their target price for the company from $493.00 to $473.00 in a research report on Tuesday. JPMorgan Chase & Co. lowered Hubbell from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Mizuho increased their price objective on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company lifted their target price on shares of Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $449.11.

Insiders Place Their Bets

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the sale, the insider now owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is currently owned by insiders.

Hubbell 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.