Covestor Ltd Decreases Holdings in Hubbell Incorporated (NYSE:HUBB)

Covestor Ltd reduced its position in Hubbell Incorporated (NYSE:HUBB) by 76.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 151 shares of the industrial products company’s stock after selling 481 shares during the period. Covestor Ltd’s holdings in Hubbell were worth $63,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HUBB. Nvwm LLC acquired a new position in shares of Hubbell during the 1st quarter worth $25,000. EverSource Wealth Advisors LLC grew its position in shares of Hubbell by 1,850.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 78 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 74 shares during the last quarter. Lindbrook Capital LLC increased its stake in shares of Hubbell by 127.5% during the 4th quarter. Lindbrook Capital LLC now owns 91 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 51 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of Hubbell during the 4th quarter worth approximately $33,000. Finally, Principal Securities Inc. acquired a new stake in Hubbell during the 4th quarter valued at $40,000. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Hubbell

In other news, Director Neal J. Keating purchased 500 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was purchased at an average cost of $378.77 per share, with a total value of $189,385.00. Following the purchase, the director now owns 8,571 shares in the company, valued at approximately $3,246,437.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Neal J. Keating acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was purchased at an average price of $378.77 per share, with a total value of $189,385.00. Following the purchase, the director now owns 8,571 shares of the company’s stock, valued at approximately $3,246,437.67. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark Eugene Mikes sold 1,942 shares of Hubbell stock in a transaction on Monday, May 13th. The shares were sold at an average price of $401.34, for a total value of $779,402.28. Following the transaction, the insider now owns 3,436 shares in the company, valued at approximately $1,379,004.24. The disclosure for this sale can be found here. Insiders sold 3,055 shares of company stock worth $1,232,139 in the last 90 days. Corporate insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on HUBB. Wells Fargo & Company reduced their price objective on Hubbell from $435.00 to $397.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 1st. Barclays reduced their price objective on shares of Hubbell from $400.00 to $384.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $386.57.

Hubbell Price Performance

Shares of NYSE HUBB opened at $356.78 on Thursday. The business has a 50 day moving average price of $380.43 and a two-hundred day moving average price of $378.46. Hubbell Incorporated has a fifty-two week low of $248.37 and a fifty-two week high of $429.61. The firm has a market cap of $19.16 billion, a PE ratio of 26.61, a price-to-earnings-growth ratio of 1.40 and a beta of 0.90. The company has a quick ratio of 1.03, a current ratio of 1.66 and a debt-to-equity ratio of 0.64.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.06. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the firm earned $3.61 EPS. The company’s revenue was up 8.8% on a year-over-year basis. Sell-side analysts expect that Hubbell Incorporated will post 16.33 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Friday, May 31st. Hubbell’s dividend payout ratio (DPR) is 36.39%.

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.