M&T Bank Corp Grows Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

M&T Bank Corp boosted its stake in Hubbell Incorporated (NYSE:HUBB) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,242 shares of the industrial products company’s stock after acquiring an additional 124 shares during the period. M&T Bank Corp’s holdings in Hubbell were worth $11,241,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Hubbell by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock worth $743,970,000 after purchasing an additional 291,850 shares during the period. Klein Pavlis & Peasley Financial Inc. acquired a new stake in shares of Hubbell in the 2nd quarter worth $787,000. Detalus Advisors LLC boosted its holdings in shares of Hubbell by 3.0% in 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 in the last quarter. Emfo LLC increased its stake in shares of Hubbell by 114.3% during the second quarter. Emfo LLC now owns 1,500 shares of the industrial products company’s stock worth $548,000 after acquiring an additional 800 shares during the period. Finally, HB Wealth Management LLC purchased a new position in Hubbell during the second quarter worth about $210,000. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the transaction, the insider now owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on HUBB. JPMorgan Chase & Co. cut Hubbell from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Mizuho increased their price objective on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and cut their price target for the company from $493.00 to $473.00 in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein initiated 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. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $472.13.

Hubbell Stock Performance

NYSE:HUBB opened at $426.80 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $22.91 billion, a P/E ratio of 30.75, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. The firm has a 50-day moving average price of $450.71 and a two-hundred day moving average price of $409.94. Hubbell Incorporated has a twelve month low of $315.38 and a twelve month high of $481.35.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $3.95 EPS. The company’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts expect that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a $1.32 dividend. This is an increase from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Friday, November 29th. Hubbell’s dividend payout ratio is currently 38.04%.

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.