Granite Investment Partners LLC Sells 268 Shares of Hubbell Incorporated (NYSE:HUBB)

Granite Investment Partners LLC reduced its stake in Hubbell Incorporated (NYSE:HUBB) by 0.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,210 shares of the industrial products company’s stock after selling 268 shares during the quarter. Hubbell comprises 0.9% of Granite Investment Partners LLC’s holdings, making the stock its 24th largest position. Granite Investment Partners LLC owned 0.12% of Hubbell worth $22,737,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. CWM LLC increased its holdings 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 period. Meeder Advisory Services Inc. increased its holdings in shares of Hubbell by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 816 shares of the industrial products company’s stock worth $339,000 after purchasing an additional 30 shares during the period. Detalus Advisors LLC increased its holdings in shares of Hubbell by 3.0% during 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 during the period. Savant Capital LLC increased its holdings in shares of Hubbell by 2.6% during 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 during the period. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Hubbell by 23.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 184 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 35 shares in the last quarter. 88.16% of the stock is owned by institutional investors.

Insider Buying and Selling at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the transaction, the chief executive officer now directly owns 66,415 shares in the company, valued at $24,861,791.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the transaction, the director now owns 1,670 shares in the company, valued at $608,781.80. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $422.54 on Friday. The firm has a market cap of $22.68 billion, a PE ratio of 31.51, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90. The firm’s fifty day moving average is $380.87 and its 200-day moving average is $388.39. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. Hubbell Incorporated has a 52 week low of $248.37 and a 52 week high of $429.61.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the firm earned $4.07 earnings per share. Hubbell’s quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts predict that Hubbell Incorporated will post 16.45 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Friday, August 30th. Hubbell’s dividend payout ratio (DPR) is currently 36.39%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and increased their price target for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. increased their price target on shares of Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Barclays cut their target price on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Finally, Morgan Stanley began coverage on shares of Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $404.88.

Hubbell 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.