Intech Investment Management LLC Sells 17,471 Shares of Hubbell Incorporated (NYSE:HUBB)

Intech Investment Management LLC reduced its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 46.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 19,922 shares of the industrial products company’s stock after selling 17,471 shares during the quarter. Intech Investment Management LLC’s holdings in Hubbell were worth $7,281,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new position in shares of Hubbell in the second quarter valued at about $2,639,000. Seven Eight Capital LP boosted its position in Hubbell by 333.3% during the second quarter. Seven Eight Capital LP now owns 15,312 shares of the industrial products company’s stock worth $5,596,000 after purchasing an additional 11,778 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in Hubbell by 6.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 8,584 shares of the industrial products company’s stock worth $3,130,000 after purchasing an additional 543 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Hubbell by 2.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 11,578 shares of the industrial products company’s stock valued at $4,232,000 after acquiring an additional 297 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Hubbell by 554.1% in the second quarter. Virtu Financial LLC now owns 9,858 shares of the industrial products company’s stock valued at $3,603,000 after acquiring an additional 8,351 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Stock Up 0.8 %

HUBB opened at $426.01 on Friday. The business’s 50-day simple moving average is $381.79 and its 200-day simple moving average is $388.65. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. Hubbell Incorporated has a one year low of $248.37 and a one year high of $429.61. The stock has a market capitalization of $22.87 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.07 earnings per share. Analysts anticipate that Hubbell Incorporated will post 16.45 EPS for the current year.

Hubbell Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised 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 report on Friday, September 6th. Morgan Stanley began coverage on Hubbell in a research note on Friday, September 6th. They set an “equal weight” rating and a $407.00 target price for the company. Barclays lowered their price target on Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price target on Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $404.88.

Insiders Place Their Bets

In other Hubbell 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 transaction of $5,868,528.18. Following the transaction, the chief executive officer now owns 66,415 shares in the company, valued at approximately $24,861,791.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction that occurred 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 directly owns 1,670 shares in the company, valued at approximately $608,781.80. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

About Hubbell

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.