Fred Alger Management Inc. purchased a new stake in shares of Hubbell Incorporated (NYSE:HUBB) in the fourth quarter, Holdings Channel reports. The firm purchased 45,772 shares of the industrial products company’s stock, valued at approximately $6,195,000.
A number of other hedge funds have also recently bought and sold shares of HUBB. Nationwide Fund Advisors grew its position in Hubbell by 7.9% during the third quarter. Nationwide Fund Advisors now owns 145,014 shares of the industrial products company’s stock valued at $16,825,000 after acquiring an additional 10,640 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in Hubbell during the third quarter valued at about $749,000. State Board of Administration of Florida Retirement System grew its position in Hubbell by 3.5% during the third quarter. State Board of Administration of Florida Retirement System now owns 75,069 shares of the industrial products company’s stock valued at $8,710,000 after acquiring an additional 2,530 shares during the period. Prudential Financial Inc. grew its position in Hubbell by 456.3% during the third quarter. Prudential Financial Inc. now owns 179,749 shares of the industrial products company’s stock valued at $20,854,000 after acquiring an additional 147,440 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in Hubbell by 3.5% during the third quarter. Oregon Public Employees Retirement Fund now owns 20,371 shares of the industrial products company’s stock valued at $2,363,000 after acquiring an additional 685 shares during the period. 85.96% of the stock is owned by hedge funds and other institutional investors.
Hubbell Incorporated (NYSE HUBB) opened at $126.30 on Monday. The company has a market capitalization of $6,924.02, a PE ratio of 21.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.00. Hubbell Incorporated has a one year low of $109.32 and a one year high of $149.03. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.37 and a current ratio of 2.27.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. Hubbell’s dividend payout ratio (DPR) is 70.00%.
In related news, Chairman David G. Nord sold 12,076 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $133.76, for a total value of $1,615,285.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen M. Mais sold 4,692 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $135.59, for a total value of $636,188.28. Following the completion of the transaction, the vice president now owns 16,669 shares in the company, valued at approximately $2,260,149.71. The disclosure for this sale can be found here. Insiders own 1.28% of the company’s stock.
A number of research firms have issued reports on HUBB. Wolfe Research raised Hubbell from a “market perform” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Friday, February 9th. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research note on Thursday, February 1st. Morgan Stanley boosted their price objective on Hubbell from $134.00 to $153.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Oppenheimer restated a “buy” rating and set a $160.00 price objective on shares of Hubbell in a research note on Tuesday, January 30th. Finally, JPMorgan Chase & Co. upgraded Hubbell from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Hubbell has an average rating of “Buy” and an average price target of $153.60.
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Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.
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