Bancreek Capital Management LP Buys New Position in Hubbell Incorporated (NYSE:HUBB)

Bancreek Capital Management LP purchased a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 18,004 shares of the industrial products company's stock, valued at approximately $7,712,000. Hubbell accounts for 4.9% of Bancreek Capital Management LP's portfolio, making the stock its 13th largest holding.

Several other hedge funds have also recently made changes to their positions in the business. Ashton Thomas Securities LLC bought a new stake in Hubbell in the 3rd quarter valued at about $41,000. Quarry LP bought a new position in Hubbell in the 2nd quarter valued at about $49,000. Northwest Investment Counselors LLC bought a new stake in Hubbell during the 3rd quarter worth approximately $58,000. GAMMA Investing LLC increased its holdings in Hubbell by 84.7% during the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company's stock worth $67,000 after purchasing an additional 72 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Hubbell in the second quarter worth approximately $62,000. 88.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lowered Hubbell from an "overweight" rating to a "neutral" rating and increased their price target for the company from $385.00 to $454.00 in a research report on Thursday, October 10th. Stephens reissued an "overweight" rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Barclays increased their price objective on shares of Hubbell from $400.00 to $402.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. Sanford C. Bernstein initiated coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an "outperform" rating and a $535.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on Hubbell from $445.00 to $455.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $445.56.

Insider Transactions at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the sale, the insider now directly owns 2,957 shares of the company's stock, valued at approximately $1,378,553.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.66% of the company's stock.

Hubbell Stock Performance

Shares of HUBB stock traded up $3.50 on Wednesday, hitting $455.53. 263,846 shares of the stock were exchanged, compared to its average volume of 443,363. The firm's 50 day moving average is $429.31 and its two-hundred day moving average is $398.40. Hubbell Incorporated has a one year low of $287.06 and a one year high of $481.35. The firm has a market capitalization of $24.45 billion, a PE ratio of 32.78, a P/E/G ratio of 1.68 and a beta of 0.90. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB - Get Free Report) last issued its earnings results 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 firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $3.95 earnings per share. The company's quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts expect that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 annualized dividend and a dividend yield of 1.16%. This is an increase from Hubbell's previous quarterly dividend of $1.22. Hubbell's dividend payout ratio is currently 35.16%.

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.