Seven Eight Capital LP Acquires 11,778 Shares of Hubbell Incorporated (NYSE:HUBB)

Seven Eight Capital LP lifted its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 333.3% in the 2nd quarter, Holdings Channel reports. The fund owned 15,312 shares of the industrial products company’s stock after acquiring an additional 11,778 shares during the quarter. Hubbell accounts for approximately 0.6% of Seven Eight Capital LP’s investment portfolio, making the stock its 13th biggest position. Seven Eight Capital LP’s holdings in Hubbell were worth $5,596,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC lifted its position in shares of Hubbell by 6.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 8,584 shares of the industrial products company’s stock worth $3,130,000 after purchasing an additional 543 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Hubbell by 2.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 11,578 shares of the industrial products company’s stock valued at $4,232,000 after purchasing an additional 297 shares during the last quarter. Virtu Financial LLC grew its stake in shares of Hubbell by 554.1% in the second quarter. Virtu Financial LLC now owns 9,858 shares of the industrial products company’s stock valued at $3,603,000 after buying an additional 8,351 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Hubbell in the 2nd quarter valued at about $2,781,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Hubbell by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 376,518 shares of the industrial products company’s stock worth $137,622,000 after purchasing an additional 22,951 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley assumed coverage on Hubbell in a research note on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and boosted their target price for the company from $431.00 to $441.00 in a research report on Friday, September 6th. Stephens reaffirmed an “overweight” rating and set a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. Finally, Barclays dropped their price objective on Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $404.88.

Insider Buying and Selling

In other news, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares in the company, valued at approximately $24,861,791.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred on 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 owns 1,670 shares of the company’s stock, valued at $608,781.80. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Hubbell Price Performance

Shares of HUBB opened at $411.29 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. The stock has a market cap of $22.08 billion, a PE ratio of 30.67, a PEG ratio of 1.44 and a beta of 0.90. Hubbell Incorporated has a 12-month low of $248.37 and a 12-month high of $429.61. The business has a 50-day simple moving average of $379.31 and a two-hundred day simple moving average of $388.00.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $4.07 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. Analysts anticipate that Hubbell Incorporated will post 16.45 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $1.22 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $4.88 annualized dividend and a dividend yield of 1.19%. Hubbell’s dividend payout ratio is 36.39%.

Hubbell Profile

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.