Amalgamated Bank Lowers Stake in Hubbell Incorporated (NYSE:HUBB)

Amalgamated Bank lowered its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 6.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 10,896 shares of the industrial products company’s stock after selling 715 shares during the period. Amalgamated Bank’s holdings in Hubbell were worth $3,982,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV boosted its position in shares of Hubbell by 2.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,578 shares of the industrial products company’s stock worth $4,232,000 after purchasing an additional 297 shares during the period. Virtu Financial LLC boosted its position in shares of Hubbell by 554.1% during the 2nd quarter. Virtu Financial LLC now owns 9,858 shares of the industrial products company’s stock worth $3,603,000 after purchasing an additional 8,351 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Hubbell during the 2nd quarter worth approximately $2,781,000. Dimensional Fund Advisors LP boosted its position in shares of Hubbell by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 376,518 shares of the industrial products company’s stock worth $137,622,000 after purchasing an additional 22,951 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Hubbell by 3.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,335,218 shares of the industrial products company’s stock valued at $487,995,000 after buying an additional 46,813 shares during the period. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Price Performance

Shares of HUBB opened at $426.01 on Monday. The firm’s fifty day simple moving average is $381.79 and its 200-day simple moving average is $388.71. Hubbell Incorporated has a twelve month low of $248.37 and a twelve month high of $429.61. The company has a current ratio of 1.81, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $22.87 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 1.44 and a beta of 0.90.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.48 billion. During the same period last year, the business earned $4.07 EPS. Hubbell’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities analysts forecast that Hubbell Incorporated will post 16.45 EPS for the current fiscal year.

Hubbell Dividend Announcement

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

Analysts Set New Price Targets

HUBB has been the subject of several recent research reports. Morgan Stanley initiated coverage on shares of Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price target for the company. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and raised their price target for the company from $431.00 to $441.00 in a research report on Friday, September 6th. Stephens reissued an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Wells Fargo & Company raised their price target on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Barclays decreased their price target on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a research report 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $404.88.

Insider Buying and Selling

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 transaction of $164,043.00. Following the sale, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction that occurred on 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 owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the sale, the director now owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

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.