Bank of New York Mellon Corp Sells 51,451 Shares of Hubbell Inc. (HUBB)
Bank of New York Mellon Corp lowered its stake in Hubbell Inc. (NYSE:HUBB) by 2.2% during the third quarter, Holdings Channel reports. The firm owned 2,244,597 shares of the company’s stock after selling 51,451 shares during the period. Bank of New York Mellon Corp’s holdings in Hubbell were worth $241,833,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Brown Advisory Inc. increased its stake in Hubbell by 0.4% in the second quarter. Brown Advisory Inc. now owns 9,659 shares of the company’s stock valued at $1,019,000 after buying an additional 37 shares during the last quarter. Bank of Montreal Can increased its stake in Hubbell by 2.9% in the third quarter. Bank of Montreal Can now owns 1,930 shares of the company’s stock valued at $207,000 after buying an additional 54 shares during the last quarter. Advance Capital I Inc. increased its stake in Hubbell by 1.9% in the second quarter. Advance Capital I Inc. now owns 5,500 shares of the company’s stock valued at $580,000 after buying an additional 100 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in Hubbell by 1.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,223 shares of the company’s stock valued at $867,000 after buying an additional 147 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its stake in Hubbell by 0.4% in the third quarter. Mutual of America Capital Management LLC now owns 38,703 shares of the company’s stock valued at $4,170,000 after buying an additional 150 shares during the last quarter. 82.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Hubbell Inc. (NYSE:HUBB) opened at 112.28 on Thursday. The company has a market cap of $6.22 billion, a P/E ratio of 21.88 and a beta of 0.92. Hubbell Inc. has a 12 month low of $83.16 and a 12 month high of $113.54. The company’s 50 day moving average is $106.67 and its 200-day moving average is $105.69.
Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $1.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.13. The business earned $907 million during the quarter, compared to the consensus estimate of $910.78 million. Hubbell had a net margin of 8.33% and a return on equity of 19.40%. Hubbell’s quarterly revenue was up 3.5% on a year-over-year basis. Analysts expect that Hubbell Inc. will post $5.30 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.70 per share. This is an increase from Hubbell’s previous quarterly dividend of $0.63. This represents a $2.80 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Monday, November 28th. Hubbell’s dividend payout ratio is currently 54.37%.
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Separately, Zacks Investment Research downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Thursday, October 27th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $105.20.
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 operates through two segments: Electrical and Power. The Electrical segment consists of electrical systems products and lighting products.
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