Hubbell Incorporated (NYSE:HUBB) Shares Sold by Bank of New York Mellon Corp

by · The Cerbat Gem

Bank of New York Mellon Corp decreased its stake in shares of Hubbell Incorporated (NYSE:HUBB – Free Report) by 2.0% during the third quarter, HoldingsChannel reports. The firm owned 1,469,138 shares of the industrial products company’s stock after selling 30,619 shares during the quarter. Bank of New York Mellon Corp’s holdings in Hubbell were worth $460,442,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of HUBB. Panagora Asset Management Inc. increased its stake in Hubbell by 87.6% during the 1st quarter. Panagora Asset Management Inc. now owns 5,426 shares of the industrial products company’s stock valued at $997,000 after purchasing an additional 2,533 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Hubbell by 9.4% in the first quarter. Great West Life Assurance Co. Can now owns 31,791 shares of the industrial products company’s stock worth $6,006,000 after acquiring an additional 2,736 shares during the period. Blair William & Co. IL increased its stake in shares of Hubbell by 0.5% in the first quarter. Blair William & Co. IL now owns 22,986 shares of the industrial products company’s stock worth $4,224,000 after acquiring an additional 120 shares during the period. Vanguard Group Inc. increased its stake in shares of Hubbell by 0.4% in the first quarter. Vanguard Group Inc. now owns 5,454,758 shares of the industrial products company’s stock worth $1,002,421,000 after acquiring an additional 23,865 shares during the period. Finally, Covestor Ltd increased its stake in shares of Hubbell by 137.3% in the first quarter. Covestor Ltd now owns 522 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 302 shares during the period. Institutional investors and hedge funds own 85.97% of the company’s stock.

Insider Buying and Selling at Hubbell

In other Hubbell news, VP Nero Jonathan M. Del sold 1,902 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $285.54, for a total transaction of $543,097.08. Following the transaction, the vice president now directly owns 3,646 shares of the company’s stock, valued at $1,041,078.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Nero Jonathan M. Del sold 1,902 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $285.54, for a total value of $543,097.08. Following the transaction, the vice president now directly owns 3,646 shares of the company’s stock, valued at $1,041,078.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John F. Malloy purchased 797 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was acquired at an average cost of $313.50 per share, for a total transaction of $249,859.50. Following the completion of the purchase, the director now owns 17,923 shares of the company’s stock, valued at approximately $5,618,860.50. The disclosure for this purchase can be found here. Insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

HUBB has been the topic of a number of research reports. Stephens reiterated an “overweight” rating and issued a $375.00 price objective on shares of Hubbell in a research note on Wednesday, November 1st. JPMorgan Chase & Co. upgraded shares of Hubbell from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $333.00 to $335.00 in a research note on Friday, November 17th. Barclays began coverage on shares of Hubbell in a research note on Monday, December 4th. They issued an “equal weight” rating and a $325.00 price objective on the stock. TD Cowen began coverage on shares of Hubbell in a research report on Friday, December 8th. They set an “outperform” rating and a $338.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on shares of Hubbell from $300.00 to $351.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 19th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $333.14.

Check Out Our Latest Research Report on Hubbell

Hubbell Stock Performance

HUBB opened at $320.13 on Friday. The company has a quick ratio of 1.43, a current ratio of 2.16 and a debt-to-equity ratio of 0.52. The company has a market cap of $17.17 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 1.93 and a beta of 0.92. Hubbell Incorporated has a 52-week low of $219.77 and a 52-week high of $340.06. The firm’s fifty day simple moving average is $304.43 and its two-hundred day simple moving average is $311.18.

Hubbell (NYSE:HUBB – Get Free Report) last posted its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $3.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.07 by ($0.12). The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Hubbell had a net margin of 13.56% and a return on equity of 30.09%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $3.08 earnings per share. Equities analysts anticipate that Hubbell Incorporated will post 15.16 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.52%. This is an increase from Hubbell’s previous quarterly dividend of $1.12. The ex-dividend date of this dividend was Wednesday, November 29th. Hubbell’s dividend payout ratio (DPR) is presently 37.08%.

Hubbell Profile

(Free Report)

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.

See Also

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