Point72 Asset Management L.P. Lowers Position in Hubbell Incorporated (NYSE:HUBB)

Point72 Asset Management L.P. cut its holdings in Hubbell Incorporated (NYSE:HUBB) by 8.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 269,836 shares of the industrial products company’s stock after selling 26,468 shares during the quarter. Point72 Asset Management L.P.’s holdings in Hubbell were worth $98,620,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in HUBB. Nvwm LLC purchased a new stake in shares of Hubbell during the first quarter valued at about $25,000. Quarry LP purchased a new stake in shares of Hubbell during the second quarter valued at about $49,000. Riverview Trust Co purchased a new stake in shares of Hubbell during the first quarter valued at about $52,000. Northwest Investment Counselors LLC purchased a new stake in shares of Hubbell during the first quarter valued at about $56,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Hubbell during the second quarter valued at about $62,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Performance

HUBB opened at $428.48 on Monday. Hubbell Incorporated has a 52-week low of $248.37 and a 52-week high of $433.03. The firm’s 50-day moving average price is $387.00 and its 200-day moving average price is $389.92. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. The company has a market cap of $23.00 billion, a P/E ratio of 31.95, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share 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 company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the company earned $4.07 EPS. Hubbell’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities analysts anticipate that Hubbell Incorporated will post 16.45 EPS for the current fiscal year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.22 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $4.88 annualized dividend and a yield of 1.14%. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Analyst Ratings Changes

Several research firms have commented on HUBB. 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. Deutsche Bank Aktiengesellschaft raised shares of 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 research report on Friday, September 6th. Morgan Stanley assumed coverage on shares of Hubbell in a research report on Friday, September 6th. They set an “equal weight” rating and a $407.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price objective on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $404.88.

Insider Buying and Selling

In other news, Director Carlos M. Cardoso sold 450 shares of the firm’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 transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction that occurred on Friday, August 9th. The shares were 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 directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate 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.