Salem Investment Counselors Inc. Purchases 534 Shares of Hubbell Incorporated (NYSE:HUBB)

Salem Investment Counselors Inc. raised its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,285 shares of the industrial products company’s stock after buying an additional 534 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Hubbell were worth $3,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in HUBB. Vanguard Group Inc. grew its holdings in Hubbell by 15.9% during the 4th quarter. Vanguard Group Inc. now owns 6,696,582 shares of the industrial products company’s stock valued at $2,202,707,000 after buying an additional 918,808 shares in the last quarter. Norges Bank purchased a new position in shares of Hubbell in the fourth quarter valued at $143,024,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Hubbell by 16.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock valued at $821,989,000 after purchasing an additional 286,134 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Hubbell by 24.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,268,560 shares of the industrial products company’s stock valued at $417,267,000 after purchasing an additional 248,493 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in shares of Hubbell by 575.7% in the fourth quarter. Westwood Holdings Group Inc. now owns 288,186 shares of the industrial products company’s stock valued at $94,793,000 after purchasing an additional 245,536 shares in the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hubbell

In other news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the sale, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the sale, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark Eugene Mikes sold 1,942 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $401.34, for a total value of $779,402.28. Following the sale, the insider now owns 3,436 shares in the company, valued at approximately $1,379,004.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,399 shares of company stock worth $946,272. 0.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on HUBB shares. Barclays cut their target price on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on shares of Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Stephens reissued an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $402.57.

Hubbell Stock Up 4.1 %

NYSE HUBB opened at $373.78 on Friday. Hubbell Incorporated has a 52 week low of $248.37 and a 52 week high of $429.61. The firm has a market capitalization of $20.07 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 1.43 and a beta of 0.90. The company has a fifty day moving average of $374.34 and a two-hundred day moving average of $381.50. The company has a quick ratio of 1.03, a current ratio of 1.81 and a debt-to-equity ratio of 0.62.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the company earned $4.07 earnings per share. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, analysts predict that Hubbell Incorporated will post 16.38 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $1.22 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $4.88 annualized dividend and a dividend yield of 1.31%. Hubbell’s dividend payout ratio (DPR) is 36.39%.

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.