Sumitomo Mitsui Trust Group Inc. lowered its position in Hubbell Inc (NYSE:HUBB – Free Report) by 4.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 111,626 shares of the industrial products company’s stock after selling 5,658 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.21% of Hubbell worth $50,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Hubbell during the 2nd quarter worth approximately $2,455,986,000. Bank of New York Mellon Corp acquired a new position in Hubbell in the 2nd quarter valued at approximately $783,142,000. Deutsche Bank AG bought a new position in shares of Hubbell during the second quarter valued at $610,053,000. Bank of America Corp DE bought a new position in shares of Hubbell during the second quarter valued at $204,918,000. Finally, Man Group plc acquired a new position in shares of Hubbell during the second quarter worth $179,698,000. Institutional investors own 88.16% of the company’s stock.
Insider Activity at Hubbell
In related news, VP Jonathan Del Nero sold 547 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $518.56, for a total transaction of $283,652.32. Following the sale, the vice president owned 2,933 shares in the company, valued at $1,520,936.48. This represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.63% of the stock is currently owned by insiders.
Hubbell Price Performance
Shares of NYSE HUBB opened at $437.72 on Thursday. Hubbell Inc has a twelve month low of $403.82 and a twelve month high of $565.50. The firm has a fifty day simple moving average of $457.64 and a 200 day simple moving average of $487.21. The company has a market capitalization of $23.13 billion, a PE ratio of 25.66, a P/E/G ratio of 2.14 and a beta of 0.84. The company has a quick ratio of 0.87, a current ratio of 1.53 and a debt-to-equity ratio of 1.09.
Hubbell (NYSE:HUBB – Get Free Report) last released its earnings results on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.75 by $0.16. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the business earned $5.17 earnings per share. Hubbell’s revenue for the quarter was up 24.6% on a year-over-year basis. On average, sell-side analysts forecast that Hubbell Inc will post 20.54 EPS for the current year.
Hubbell Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be paid a $1.52 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $6.08 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Hubbell’s previous quarterly dividend of $1.42. Hubbell’s dividend payout ratio (DPR) is presently 35.64%.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on HUBB shares. Weiss Ratings cut shares of Hubbell from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, October 29th. Wells Fargo & Company lowered their target price on Hubbell from $531.00 to $525.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 28th. Robert W. Baird cut their target price on Hubbell from $550.00 to $540.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. Morgan Stanley set a $600.00 price target on Hubbell in a research report on Friday, October 16th. Finally, Evercore reissued an “outperform” rating and issued a $630.00 price target on shares of Hubbell in a research note on Friday, October 9th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $546.00.
Check Out Our Latest Stock Analysis on Hubbell
About Hubbell
Hubbell Incorporated (NYSE:HUBB) is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.
Hubbell’s Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.
Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.
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