Assenagon Asset Management S.A. Boosts Position in Hubbell Incorporated (NYSE:HUBB)

Assenagon Asset Management S.A. boosted its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 1,450.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,581 shares of the industrial products company's stock after acquiring an additional 36,092 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Hubbell worth $12,767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in HUBB. Norges Bank acquired a new stake in Hubbell in the 4th quarter valued at about $195,218,000. Marshall Wace LLP grew its stake in Hubbell by 418.1% in the 4th quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock valued at $128,620,000 after acquiring an additional 247,786 shares during the last quarter. Bain Capital Public Equity Management II LLC acquired a new stake in Hubbell in the 4th quarter valued at about $95,868,000. GAMMA Investing LLC grew its stake in Hubbell by 52,429.8% in the 1st quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company's stock valued at $636,200,000 after acquiring an additional 191,893 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in Hubbell in the 4th quarter valued at about $78,443,000. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Hubbell

In related news, CEO Gerben Bakker sold 7,723 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total value of $2,970,497.49. Following the transaction, the chief executive officer now owns 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total transaction of $154,516.00. Following the completion of the transaction, the director now owns 1,727 shares in the company, valued at $667,122.83. The trade was a 18.81% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Hubbell Trading Down 2.3%

Shares of HUBB stock traded down $9.03 during trading hours on Friday, hitting $382.01. 447,150 shares of the company were exchanged, compared to its average volume of 536,803. The firm has a market cap of $20.39 billion, a PE ratio of 26.60, a PEG ratio of 1.34 and a beta of 0.99. Hubbell Incorporated has a 1 year low of $299.43 and a 1 year high of $481.35. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The firm has a fifty day moving average of $367.69 and a 200 day moving average of $389.61.

Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing the consensus estimate of $3.73 by ($0.23). The company had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.39 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company's revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.60 earnings per share. Analysts expect that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.38%. Hubbell's payout ratio is currently 35.72%.

Wall Street Analysts Forecast Growth

HUBB has been the topic of a number of research reports. Barclays increased their price objective on shares of Hubbell from $400.00 to $414.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. raised their price target on shares of Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Wall Street Zen cut shares of Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $459.25.

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.