Prospera Private Wealth LLC Makes New Investment in Hubbell Incorporated (NYSE:HUBB)

Prospera Private Wealth LLC acquired a new stake in Hubbell Incorporated (NYSE:HUBB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 76 shares of the industrial products company’s stock, valued at approximately $33,000.

A number of other hedge funds have also modified their holdings of HUBB. Mizuho Securities USA LLC raised its position in Hubbell by 192,421.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after purchasing an additional 7,975,855 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Hubbell by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after buying an additional 291,850 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Hubbell by 16.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock worth $821,989,000 after buying an additional 286,134 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Hubbell by 42,735.0% during the third quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company’s stock worth $8,223,740,000 after buying an additional 1,915,383 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Hubbell by 3.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,335,218 shares of the industrial products company’s stock valued at $487,995,000 after acquiring an additional 46,813 shares during the period. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HUBB has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Barclays boosted their price objective on shares of Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Sanford C. Bernstein assumed coverage on shares of Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and lifted their price objective for the company from $431.00 to $441.00 in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell presently has an average rating of “Moderate Buy” and an average target price of $445.56.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $460.81 on Friday. The firm has a market capitalization of $24.73 billion, a price-to-earnings ratio of 33.20, a price-to-earnings-growth ratio of 1.68 and a beta of 0.90. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05. The business’s 50 day simple moving average is $440.09 and its 200-day simple moving average is $401.71. Hubbell Incorporated has a 12 month low of $293.91 and a 12 month high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the business posted $3.95 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

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 $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio is 38.04%.

Insider Activity

In other news, insider Mark Eugene Mikes sold 1,144 shares of the company’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 sale, the insider now directly owns 2,957 shares in the company, valued at $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.66% of the company’s stock.

Hubbell Company 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.