CIBC Asset Management Inc Boosts Stock Position in Hubbell Incorporated (NYSE:HUBB)

CIBC Asset Management Inc grew its position in shares of Hubbell Incorporated (NYSE:HUBB) by 8.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,819 shares of the industrial products company’s stock after purchasing an additional 595 shares during the quarter. CIBC Asset Management Inc’s holdings in Hubbell were worth $3,349,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Metis Global Partners LLC grew its position in Hubbell by 52.7% during the third quarter. Metis Global Partners LLC now owns 2,578 shares of the industrial products company’s stock valued at $1,104,000 after acquiring an additional 890 shares during the last quarter. Curi RMB Capital LLC boosted its stake in shares of Hubbell by 3.5% in the 3rd quarter. Curi RMB Capital LLC now owns 22,234 shares of the industrial products company’s stock valued at $9,524,000 after purchasing an additional 746 shares in the last quarter. Huntington National Bank grew its holdings in shares of Hubbell by 11.4% during the 3rd quarter. Huntington National Bank now owns 860 shares of the industrial products company’s stock valued at $368,000 after purchasing an additional 88 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in Hubbell in the 3rd quarter worth $255,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in Hubbell by 37.0% in the third quarter. Oppenheimer Asset Management Inc. now owns 1,321 shares of the industrial products company’s stock worth $566,000 after purchasing an additional 357 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Up 1.7 %

Shares of NYSE HUBB opened at $444.93 on Tuesday. The firm has a fifty day simple moving average of $435.08 and a two-hundred day simple moving average of $399.99. The firm has a market capitalization of $23.88 billion, a PE ratio of 32.06, a price-to-earnings-growth ratio of 1.63 and a beta of 0.90. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. Hubbell Incorporated has a 12 month low of $293.91 and a 12 month high of $481.35.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned $3.95 earnings per share. Equities analysts expect that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.19%. Hubbell’s payout ratio is currently 38.04%.

Insider Buying and Selling

In related news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the sale, the insider now owns 2,957 shares of the company’s stock, valued at $1,378,553.40. The trade was a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.66% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on HUBB. Sanford C. Bernstein initiated coverage on Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective on the stock. Morgan Stanley lifted their price target on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Stephens reissued an “overweight” rating and set a $450.00 price objective on shares of Hubbell in a research note on Friday, August 2nd. Mizuho raised their target price on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell currently has a consensus rating of “Moderate Buy” and an average target price of $445.56.

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.