Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Hubbell Incorporated (NYSE:HUBB)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Hubbell Incorporated (NYSE:HUBB) by 268.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 231,130 shares of the industrial products company’s stock after purchasing an additional 168,380 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hubbell were worth $99,005,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of HUBB. BNP Paribas Financial Markets boosted its holdings in shares of Hubbell by 8.7% in the third quarter. BNP Paribas Financial Markets now owns 64,897 shares of the industrial products company’s stock valued at $27,799,000 after acquiring an additional 5,214 shares in the last quarter. Avestar Capital LLC lifted its position in Hubbell by 5.1% in the third quarter. Avestar Capital LLC now owns 577 shares of the industrial products company’s stock valued at $247,000 after purchasing an additional 28 shares during the period. Brooklyn Investment Group purchased a new stake in Hubbell in the 3rd quarter valued at approximately $133,000. DRW Securities LLC acquired a new position in Hubbell during the 3rd quarter worth approximately $206,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Hubbell by 7.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 32,635 shares of the industrial products company’s stock worth $13,980,000 after buying an additional 2,187 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the transaction, the insider now owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.78% of the company’s stock.

Hubbell Stock Down 0.4 %

HUBB opened at $458.81 on Thursday. The firm has a market cap of $24.62 billion, a P/E ratio of 33.06, a PEG ratio of 1.73 and a beta of 0.90. The business’s fifty day simple moving average is $444.28 and its 200 day simple moving average is $403.47. Hubbell Incorporated has a 52 week low of $293.91 and a 52 week high of $481.35. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $3.95 EPS. As a group, equities research analysts anticipate that Hubbell Incorporated will post 16.47 EPS 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. The ex-dividend date is Friday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a yield of 1.15%. Hubbell’s payout ratio is 35.16%.

Wall Street Analysts Forecast Growth

HUBB has been the topic of a number of analyst reports. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Monday. Barclays upped their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein began coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Morgan Stanley increased their target price on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company upped their price target on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Hubbell presently has an average rating of “Moderate Buy” and a consensus price target of $449.11.

About Hubbell

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.