2,030 Shares in Hubbell Inc $HUBB Purchased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS bought a new position in shares of Hubbell Inc (NYSE:HUBB) during the third quarter, HoldingsChannel reports. The institutional investor bought 2,030 shares of the industrial products company’s stock, valued at approximately $921,000.

A number of other institutional investors have also made changes to their positions in HUBB. Schuylkill Financial LLC purchased a new position in shares of Hubbell in the second quarter valued at $30,000. Keating Financial Advisory Services Inc. purchased a new stake in Hubbell during the 2nd quarter worth $35,000. Fiduciary Financial Advisors purchased a new stake in Hubbell during the 2nd quarter worth $37,000. Arlington Trust Co LLC increased its stake in Hubbell by 83.7% during the 2nd quarter. Arlington Trust Co LLC now owns 79 shares of the industrial products company’s stock worth $41,000 after buying an additional 36 shares during the period. Finally, Covestor Ltd lifted its holdings in Hubbell by 80.0% in the 3rd quarter. Covestor Ltd now owns 108 shares of the industrial products company’s stock worth $49,000 after buying an additional 48 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on HUBB shares. Sanford C. Bernstein reissued an “outperform” rating on shares of Hubbell in a research report on Wednesday, July 29th. Seaport Research Partners restated a “buy” rating and set a $580.00 target price on shares of Hubbell in a research note on Wednesday, September 30th. Morgan Stanley set a $600.00 target price on Hubbell in a research report on Friday, October 16th. Mizuho set a $515.00 price target on Hubbell in a research note on Wednesday, October 28th. Finally, Robert W. Baird cut their price target on Hubbell from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $546.00.

Hubbell Stock Performance

Hubbell stock opened at $438.42 on Wednesday. Hubbell Inc has a 52 week low of $403.82 and a 52 week high of $565.50. The company has a current ratio of 1.53, a quick ratio of 0.87 and a debt-to-equity ratio of 1.09. The stock has a market cap of $23.16 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 2.11 and a beta of 0.84. The stock has a 50 day moving average of $455.10 and a 200-day moving average of $486.21.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.75 by $0.16. The business had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.85 billion. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.17 earnings per share. On average, analysts expect that Hubbell Inc will post 20.55 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a dividend of $1.52 per share. This is a positive change from Hubbell’s previous quarterly dividend of $1.42. The ex-dividend date is Monday, November 30th. This represents a $6.08 dividend on an annualized basis and a yield of 1.4%. Hubbell’s payout ratio is currently 35.64%.

Hubbell Profile

Hubbell Incorporated is a manufacturer of electrical and utility products serving customers in the energy, industrial, commercial and residential markets. Its products help support the generation, transmission and distribution of electricity, as well as the installation and use of electrical systems. The company’s Utility Solutions business makes products such as connectors, insulators, arresters and other equipment used in electric utility networks. Its Electrical Solutions business supplies wiring devices, lighting and controls, enclosures and related products for buildings and industrial applications.