Assenagon Asset Management S.A. Decreases Position in Hubbell Incorporated (NYSE:HUBB)

Assenagon Asset Management S.A. lowered its position in Hubbell Incorporated (NYSE:HUBB) by 4.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,489 shares of the industrial products company’s stock after selling 106 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Hubbell were worth $1,043,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Hubbell during the 3rd quarter valued at about $33,000. Versant Capital Management Inc increased its stake in shares of Hubbell by 64.6% during the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 31 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Hubbell during the 3rd quarter worth approximately $41,000. Quarry LP acquired a new position in shares of Hubbell during the 2nd quarter worth approximately $49,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Hubbell in the 3rd quarter valued at approximately $58,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Insider Activity

In related news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the sale, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Hubbell Price Performance

Hubbell stock opened at $455.56 on Friday. Hubbell Incorporated has a 1 year low of $326.13 and a 1 year high of $481.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a 50 day moving average price of $442.63 and a 200 day moving average price of $419.77. The company has a market cap of $24.45 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 1.57 and a beta of 0.93.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company earned $3.95 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Hubbell Incorporated will post 16.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

HUBB has been the subject of a number of analyst reports. Sanford C. Bernstein assumed coverage on Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target for the company. Barclays boosted their target price on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and upped their target price for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and lowered their price target for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. Finally, Mizuho upped their price objective on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $471.50.

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.