Allspring Global Investments Holdings LLC Decreases Holdings in Hubbell Incorporated (NYSE:HUBB)

Allspring Global Investments Holdings LLC lowered its stake in Hubbell Incorporated (NYSE:HUBB) by 32.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,563 shares of the industrial products company’s stock after selling 1,222 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Hubbell were worth $1,098,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in Hubbell by 4.1% in the first quarter. Nordea Investment Management AB now owns 160,085 shares of the industrial products company’s stock worth $66,571,000 after purchasing an additional 6,275 shares during the period. IFG Advisory LLC acquired a new position in shares of Hubbell in the second quarter valued at about $475,000. Sustainable Insight Capital Management LLC acquired a new position in Hubbell during the first quarter valued at $1,868,000. Acadian Asset Management LLC boosted its position in Hubbell by 51.3% in the 2nd quarter. Acadian Asset Management LLC now owns 3,693 shares of the industrial products company’s stock worth $1,347,000 after purchasing an additional 1,252 shares in the last quarter. Finally, Great Valley Advisor Group Inc. grew its position in shares of Hubbell by 24.6% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 6,873 shares of the industrial products company’s stock valued at $2,511,000 after acquiring an additional 1,359 shares during the period. 88.16% of the stock is owned by institutional investors.

Insider Buying and Selling at Hubbell

In other news, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now directly owns 1,670 shares in the company, valued at $608,781.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carlos M. Cardoso sold 450 shares of the company’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 of the company’s stock, valued at $608,781.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on HUBB shares. Barclays increased their price objective on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday. Mizuho raised their price target on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company upped their price objective on shares of Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and raised their target price for the stock from $431.00 to $441.00 in a research note on Friday, September 6th. Finally, Morgan Stanley upped their price target on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $434.38.

Hubbell Trading Down 1.1 %

NYSE HUBB opened at $426.76 on Friday. Hubbell Incorporated has a 12 month low of $248.37 and a 12 month high of $461.77. The company has a market capitalization of $22.91 billion, a price-to-earnings ratio of 31.69, a price-to-earnings-growth ratio of 1.66 and a beta of 0.90. 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 firm’s fifty day moving average price is $419.94 and its 200 day moving average price is $395.41.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $3.95 EPS. On average, sell-side analysts expect that Hubbell Incorporated will post 16.43 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.24%. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio is currently 36.39%.

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.