Millennium Management LLC Boosts Stock Position in Hubbell Incorporated (NYSE:HUBB)

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Millennium Management LLC boosted its holdings in Hubbell Incorporated (NYSE:HUBB) by 174.9% during the 3rd quarter, Holdings Channel reports. The firm owned 228,101 shares of the industrial products company’s stock after acquiring an additional 145,135 shares during the period. Millennium Management LLC’s holdings in Hubbell were worth $29,972,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Banco de Sabadell S.A lifted its position in shares of Hubbell by 4.5% in the third quarter. Banco de Sabadell S.A now owns 55,189 shares of the industrial products company’s stock valued at $7,296,000 after acquiring an additional 2,393 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Hubbell by 4.6% during the third quarter. Public Employees Retirement System of Ohio now owns 35,710 shares of the industrial products company’s stock worth $4,692,000 after acquiring an additional 1,575 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Hubbell by 284.2% during the third quarter. Point72 Asset Management L.P. now owns 3,200 shares of the industrial products company’s stock worth $420,000 after acquiring an additional 2,367 shares during the period. Charles Schwab Trust Co acquired a new position in shares of Hubbell during the third quarter worth about $659,000. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Hubbell by 8.1% during the third quarter. Parametric Portfolio Associates LLC now owns 79,357 shares of the industrial products company’s stock worth $10,428,000 after acquiring an additional 5,957 shares during the period. 84.48% of the stock is currently owned by institutional investors and hedge funds.

In other Hubbell news, insider Rodd Richard Ruland sold 3,594 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $143.96, for a total value of $517,392.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Joseph Anthony Capozzoli sold 1,243 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $142.39, for a total transaction of $176,990.77. Following the completion of the sale, the vice president now directly owns 10,812 shares in the company, valued at approximately $1,539,520.68. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.

Several research analysts have weighed in on HUBB shares. Gabelli started coverage on shares of Hubbell in a research report on Wednesday, August 21st. They set a “buy” rating and a $160.00 target price on the stock. G.Research restated a “buy” rating on shares of Hubbell in a research report on Wednesday, August 21st. JPMorgan Chase & Co. upped their target price on shares of Hubbell from $135.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Zacks Investment Research upgraded shares of Hubbell from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $146.67.

Shares of HUBB opened at $147.02 on Monday. The company has a current ratio of 2.09, a quick ratio of 1.33 and a debt-to-equity ratio of 0.89. The firm’s 50-day moving average is $142.00 and its two-hundred day moving average is $130.50. Hubbell Incorporated has a twelve month low of $91.88 and a twelve month high of $149.31. The firm has a market capitalization of $8.00 billion, a P/E ratio of 20.17, a PEG ratio of 1.97 and a beta of 1.53.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $2.34 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.07. Hubbell had a net margin of 8.34% and a return on equity of 23.47%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the business posted $2.34 earnings per share. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts predict that Hubbell Incorporated will post 8.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, November 27th. This is an increase from Hubbell’s previous quarterly dividend of $0.84. Hubbell’s dividend payout ratio is 49.93%.

Hubbell Company Profile

Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.

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Institutional Ownership by Quarter for Hubbell (NYSE:HUBB)

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