Eastern Bank Acquires New Holdings in Hubbell Incorporated (NYSE:HUBB)

Eastern Bank bought a new position in Hubbell Incorporated (NYSE:HUBB) in the 3rd quarter, HoldingsChannel reports. The fund bought 396 shares of the industrial products company’s stock, valued at approximately $170,000.

Other large investors also recently made changes to their positions in the company. OLD National Bancorp IN raised its stake in shares of Hubbell by 3.8% during the third quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 22 shares in the last quarter. CWM LLC lifted its stake in shares of Hubbell by 2.2% in the 2nd quarter. CWM LLC now owns 1,319 shares of the industrial products company’s stock worth $482,000 after acquiring an additional 28 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of Hubbell by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 816 shares of the industrial products company’s stock valued at $339,000 after acquiring an additional 30 shares in the last quarter. Detalus Advisors LLC increased its stake in shares of Hubbell by 3.0% during the second quarter. Detalus Advisors LLC now owns 1,030 shares of the industrial products company’s stock valued at $377,000 after acquiring an additional 30 shares during the period. Finally, Savant Capital LLC raised its holdings in Hubbell by 2.6% during the second quarter. Savant Capital LLC now owns 1,205 shares of the industrial products company’s stock worth $440,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Insider Activity

In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the transaction, the chief executive officer now owns 66,415 shares in the company, valued at $24,861,791.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were 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 approximately $608,781.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Hubbell Stock Up 1.2 %

Shares of Hubbell stock opened at $450.18 on Friday. Hubbell Incorporated has a 1 year low of $248.37 and a 1 year high of $461.77. The company has a market cap of $24.17 billion, a P/E ratio of 33.57, a P/E/G ratio of 1.67 and a beta of 0.90. The company has a current ratio of 1.81, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $414.54 and a 200 day moving average price of $394.57.

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, topping 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 firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company posted $4.07 earnings per share. Hubbell’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, analysts expect that Hubbell Incorporated will post 16.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HUBB shares. Barclays lifted their price target on Hubbell from $368.00 to $400.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and upped their price target for the company from $431.00 to $441.00 in a report on Friday, September 6th. JPMorgan Chase & Co. cut shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $385.00 to $454.00 in a research note on Thursday, October 10th. Stephens reissued an “overweight” rating and set a $450.00 target price on shares of Hubbell in a research note on Friday, August 2nd. Finally, Morgan Stanley started coverage on shares of Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price target on the stock. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $428.13.

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.