Hubbell Incorporated (NYSE:HUBB) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its holdings in Hubbell Incorporated (NYSE:HUBB) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,806,630 shares of the industrial products company’s stock after selling 10,508 shares during the quarter. JPMorgan Chase & Co. owned 3.37% of Hubbell worth $773,871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HUBB. Principal Financial Group Inc. lifted its stake in Hubbell by 7.1% during the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after buying an additional 15,215 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Hubbell during the third quarter valued at approximately $727,000. SPX Gestao de Recursos Ltda purchased a new stake in shares of Hubbell in the 3rd quarter valued at approximately $9,985,000. Oddo BHF Asset Management Sas acquired a new position in Hubbell in the 3rd quarter worth approximately $413,000. Finally, Franklin Resources Inc. grew its position in Hubbell by 32.7% during the 3rd quarter. Franklin Resources Inc. now owns 99,405 shares of the industrial products company’s stock worth $45,776,000 after purchasing an additional 24,486 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the sale, the insider now owns 2,957 shares in the company, valued at $1,378,553.40. This represents a 27.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and decreased their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Barclays lifted their target price on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Mizuho upped their price target on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their price objective on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Finally, StockNews.com lowered Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $472.13.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $423.11 on Friday. The stock has a market capitalization of $22.71 billion, a P/E ratio of 30.48, a P/E/G ratio of 1.70 and a beta of 0.91. The business has a 50-day moving average of $447.98 and a two-hundred day moving average of $411.68. Hubbell Incorporated has a fifty-two week low of $315.38 and a fifty-two week high of $481.35. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share 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 firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the company earned $3.95 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts predict that Hubbell Incorporated will post 16.47 EPS for the current fiscal year.

Hubbell Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $1.32 dividend. The ex-dividend date was Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a yield of 1.25%. Hubbell’s dividend payout ratio (DPR) is presently 38.04%.

Hubbell 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.