Hubbell Incorporated (NYSE:HUBB) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC reduced its stake in Hubbell Incorporated (NYSE:HUBB) by 7.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,116 shares of the industrial products company’s stock after selling 1,858 shares during the period. Gabelli Funds LLC’s holdings in Hubbell were worth $8,083,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Principal Securities Inc. bought a new position in Hubbell during the fourth quarter valued at about $40,000. UBS Group AG lifted its holdings in Hubbell by 52.7% in the 4th quarter. UBS Group AG now owns 46,749 shares of the industrial products company’s stock valued at $15,377,000 after acquiring an additional 16,133 shares during the last quarter. Clearbridge Investments LLC bought a new position in shares of Hubbell during the 4th quarter valued at about $1,258,000. Corient Private Wealth LLC grew its stake in shares of Hubbell by 18.3% in the 4th quarter. Corient Private Wealth LLC now owns 10,076 shares of the industrial products company’s stock worth $3,314,000 after purchasing an additional 1,556 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in Hubbell by 35.1% during the fourth quarter. Assetmark Inc. now owns 3,519 shares of the industrial products company’s stock valued at $1,158,000 after purchasing an additional 915 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley started coverage on shares of Hubbell in a report on Friday, September 6th. They set an “equal weight” rating and a $407.00 target price for the company. Stephens restated an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upgraded Hubbell from a “hold” rating to a “buy” rating and increased their price target for the company from $431.00 to $441.00 in a research report on Friday, September 6th. Finally, Barclays reduced their price objective on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $404.88.

Insider Activity at Hubbell

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

Hubbell Trading Up 0.2 %

NYSE:HUBB opened at $426.81 on Tuesday. The stock has a market cap of $22.91 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90. Hubbell Incorporated has a fifty-two week low of $248.37 and a fifty-two week high of $433.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13. The stock’s 50-day moving average is $382.83 and its two-hundred day moving average is $388.95.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, beating 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 firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm posted $4.07 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts forecast that Hubbell Incorporated will post 16.45 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $1.22 per share. The ex-dividend date was Friday, August 30th. This represents a $4.88 annualized dividend and a dividend yield of 1.14%. Hubbell’s dividend payout ratio is 36.39%.

Hubbell Company 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.