Bank of Nova Scotia Sells 1,531 Shares of Hubbell Inc (NYSE:HUBB)

Bank of Nova Scotia lessened its stake in Hubbell Inc (NYSE:HUBB - Free Report) by 24.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,835 shares of the industrial products company's stock after selling 1,531 shares during the period. Bank of Nova Scotia's holdings in Hubbell were worth $1,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in HUBB. R Squared Ltd acquired a new stake in shares of Hubbell in the 1st quarter valued at approximately $606,000. Klein Pavlis & Peasley Financial Inc. boosted its stake in shares of Hubbell by 35.9% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 3,760 shares of the industrial products company's stock worth $1,252,000 after purchasing an additional 994 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in Hubbell in the 1st quarter worth approximately $631,000. Castellan Group acquired a new position in Hubbell in the first quarter valued at $669,000. Finally, Davis R M Inc. boosted its position in shares of Hubbell by 19.9% in the first quarter. Davis R M Inc. now owns 1,205 shares of the industrial products company's stock worth $399,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 88.16% of the company's stock.

Insiders Place Their Bets

In other Hubbell news, CEO Gerben Bakker sold 7,723 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the transaction, the chief executive officer owned 82,101 shares of the company's stock, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total transaction of $154,516.00. Following the transaction, the director owned 1,727 shares in the company, valued at $667,122.83. The trade was a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on HUBB. Barclays boosted their target price on Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Wells Fargo & Company boosted their price target on Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $462.29.

Hubbell Stock Up 0.2%

NYSE:HUBB traded up $1.02 during mid-day trading on Friday, reaching $418.86. The stock had a trading volume of 254,634 shares, compared to its average volume of 641,886. The stock has a market cap of $22.35 billion, a P/E ratio of 27.20, a PEG ratio of 2.37 and a beta of 0.99. The business's 50 day moving average is $411.87 and its 200 day moving average is $383.03. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76. Hubbell Inc has a fifty-two week low of $299.42 and a fifty-two week high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.36 by $0.57. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.51 billion. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. As a group, sell-side analysts predict that Hubbell Inc 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, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.3%. Hubbell's dividend payout ratio (DPR) is presently 34.29%.

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.