Bank of New York Mellon Corp Acquires 7,142 Shares of Hubbell Inc (NYSE:HUBB)

Bank of New York Mellon Corp grew its position in Hubbell Inc (NYSE:HUBB - Free Report) by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,833,469 shares of the industrial products company's stock after purchasing an additional 7,142 shares during the quarter. Bank of New York Mellon Corp owned about 5.28% of Hubbell worth $937,623,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank boosted its stake in Hubbell by 3.0% during the 4th quarter. Huntington National Bank now owns 886 shares of the industrial products company's stock valued at $371,000 after purchasing an additional 26 shares during the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in Hubbell by 0.4% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 6,515 shares of the industrial products company's stock valued at $2,757,000 after purchasing an additional 26 shares during the last quarter. Mindset Wealth Management LLC boosted its stake in Hubbell by 1.7% during the 4th quarter. Mindset Wealth Management LLC now owns 1,655 shares of the industrial products company's stock valued at $693,000 after purchasing an additional 27 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Hubbell by 85.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 30 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Hubbell by 25.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 190 shares of the industrial products company's stock worth $80,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company's stock.

Insider Activity

In other Hubbell news, CEO Gerben Bakker sold 7,723 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total transaction of $2,970,497.49. Following the completion of the sale, the chief executive officer directly owned 82,101 shares in the company, valued at $31,578,507.63. This represents a 8.60% 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 400 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total transaction of $154,516.00. Following the transaction, the director directly owned 1,727 shares of the company's stock, valued at approximately $667,122.83. This trade represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company's stock.

Analyst Ratings Changes

HUBB has been the topic of several recent analyst reports. Wells Fargo & Company set a $420.00 target price on shares of Hubbell and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Wall Street Zen cut shares of Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. JPMorgan Chase & Co. boosted their target price on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Barclays boosted their price target on shares of Hubbell from $400.00 to $414.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $455.50.

Hubbell Trading Down 0.1%

NYSE HUBB traded down $0.31 during trading on Friday, hitting $414.82. 315,849 shares of the company's stock traded hands, compared to its average volume of 532,986. The stock has a fifty day moving average of $386.64 and a two-hundred day moving average of $383.25. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.17 and a quick ratio of 0.73. Hubbell Inc has a 12-month low of $299.43 and a 12-month high of $481.35. The firm has a market cap of $22.14 billion, a P/E ratio of 28.07, a PEG ratio of 1.45 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.73 by ($0.23). Hubbell had a net margin of 14.29% and a return on equity of 27.68%. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the previous year, the company earned $3.60 earnings per share. The business's quarterly revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a dividend of $1.32 per share. The ex-dividend date was Friday, May 30th. This represents a $5.28 annualized dividend and a yield of 1.27%. Hubbell's payout ratio is 35.72%.

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.