Hubbell Incorporated (NYSE:HUBB) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 36.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,595 shares of the industrial products company’s stock after selling 1,458 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Hubbell were worth $1,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nvwm LLC acquired a new stake in shares of Hubbell during the first quarter valued at about $25,000. Quarry LP acquired a new stake in Hubbell in the 2nd quarter valued at approximately $49,000. Northwest Investment Counselors LLC purchased a new stake in Hubbell in the third quarter valued at approximately $58,000. Ashton Thomas Private Wealth LLC purchased a new stake in Hubbell in the second quarter valued at approximately $62,000. Finally, Massmutual Trust Co. FSB ADV lifted its stake in Hubbell by 23.5% during the second quarter. Massmutual Trust Co. FSB ADV now owns 184 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 35 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Price Performance

Hubbell stock opened at $425.70 on Friday. The stock has a market cap of $22.85 billion, a P/E ratio of 30.67, a price-to-earnings-growth ratio of 1.59 and a beta of 0.90. The company has a fifty day simple moving average of $421.70 and a 200-day simple moving average of $395.78. The company has a current ratio of 1.66, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51. Hubbell Incorporated has a 12-month low of $274.42 and a 12-month high of $461.77.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the firm posted $3.95 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts expect that Hubbell Incorporated will post 16.46 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.32 dividend. This is a boost from Hubbell’s previous quarterly dividend of $1.22. The ex-dividend date is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.24%. Hubbell’s dividend payout ratio is presently 35.16%.

Wall Street Analyst Weigh In

HUBB has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. cut shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Stephens restated an “overweight” rating and issued a $450.00 price objective on shares of Hubbell in a report on Friday, August 2nd. Morgan Stanley increased their target price on shares of Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Barclays boosted their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $434.38.

Insider Activity at Hubbell

In related news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of Hubbell 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 of the company’s stock, valued at $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Carlos M. Cardoso sold 450 shares of the 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 of the company’s stock, valued at $608,781.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

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.