Kenneth Mario Garschina‘s Mason Capital Management has upped its position in Hubbell Incorporated (NYSE:HUB.A) to some 630,500 class A shares, from 493,900 shares owned previously, a new filing with the SEC revealed. Mason’s position amasses 8.8% of the class A of the company, following the increase. At the same time, the shareholder disclosed that it plans to review the investment in the company on a regular basis.
In addition, Mason Capital owns around 1.14 million class B shares of Hubell, according to the fund’s latest 13F filing.
Hubbell Inco. Designs, manufactures and sells a range of electrical and electronic products for residential and non residential construction, industrial and utility applications. The company either sources complete products or manufactures in different locations around the world. The company will report its results for the previous year in a couple of weeks, while the company said earlier it expected its net sales to gain 5% for the full 2013.
Apart from Mason Capital Management, Royce & Associates, managed by Chuck Royce, held 1.19 million shares worth $124.51 million in the company at the end of the third quarter. Among the other hedge funds tracked by us, Phill Gross and Robert Atchinson’s Adage Capital Management also held approximately 584,000 shares worth $55.06 million in the same period.
With over $5.30 billion in its equity portfolio, Mason Capital Management focuses mainly on the Basic Materials sector. The fund, though it also has investments in Technology, Industrial Goods and Healthcare sectors. The hedge fund owned 7.49 million shares worth $492.95 million in Energy Transfer Equity L P (NYSE:ETE), followed by 11.89 shares worth $401.09 million in Babcock & Wilcox Co (NYSE:BWC) at the end of the third quarter of 2013.