MidAtlantic Capital Management Inc. Buys New Stake in Hubbell Incorporated (NYSE:HUBB)

MidAtlantic Capital Management Inc. purchased a new stake in Hubbell Incorporated (NYSE:HUBB - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,768 shares of the industrial products company's stock, valued at approximately $757,000.

Several other large investors have also recently added to or reduced their stakes in the stock. OLD National Bancorp IN increased its holdings in Hubbell by 3.8% during the 3rd quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company's stock worth $255,000 after purchasing an additional 22 shares during the last quarter. CWM LLC lifted its position in shares of Hubbell by 2.2% during the second quarter. CWM LLC now owns 1,319 shares of the industrial products company's stock worth $482,000 after purchasing an additional 28 shares during the last quarter. Detalus Advisors LLC grew its stake in Hubbell by 3.0% in the second quarter. Detalus Advisors LLC now owns 1,030 shares of the industrial products company's stock worth $377,000 after purchasing an additional 30 shares in the last quarter. Ballentine Partners LLC grew its stake in Hubbell by 3.2% in the third quarter. Ballentine Partners LLC now owns 956 shares of the industrial products company's stock worth $410,000 after purchasing an additional 30 shares in the last quarter. Finally, Savant Capital LLC grew its stake in Hubbell by 2.6% in 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. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Sanford C. Bernstein initiated coverage on Hubbell in a research note on Tuesday, November 5th. They issued an "outperform" rating and a $535.00 price target for the company. Morgan Stanley lifted their target price on Hubbell from $407.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. Stephens reaffirmed an "overweight" rating and set a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Mizuho lifted their price target on Hubbell from $450.00 to $490.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft raised Hubbell from a "hold" rating to a "buy" rating and boosted their target price for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $445.56.

Hubbell Stock Up 1.7 %

Shares of Hubbell stock traded up $7.32 on Monday, hitting $444.93. 536,058 shares of the company traded hands, compared to its average volume of 444,487. The company has a 50-day moving average price of $435.08 and a 200 day moving average price of $399.99. 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 Incorporated has a 12-month low of $293.91 and a 12-month high of $481.35. The company has a market cap of $23.88 billion, a PE ratio of 31.45, a PEG ratio of 1.63 and a beta of 0.90.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.47 by $0.02. The firm had revenue of $1.44 billion during 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%. Hubbell's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $3.95 earnings per share. Sell-side analysts predict that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.19%. This is a positive change from Hubbell's previous quarterly dividend of $1.22. Hubbell's dividend payout ratio is currently 38.04%.

Insider Activity

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 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 Securities & Exchange Commission, which is accessible through the SEC website. 0.66% of the stock is owned by company insiders.

Hubbell Company 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.