Covea Finance Sells 27,455 Shares of Hubbell Inc (NYSE:HUBB)

Covea Finance decreased its stake in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 29.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 66,295 shares of the industrial products company's stock after selling 27,455 shares during the quarter. Covea Finance owned 0.12% of Hubbell worth $21,938,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Principal Securities Inc. increased its stake in Hubbell by 36.6% in the fourth quarter. Principal Securities Inc. now owns 280 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 75 shares during the period. Allworth Financial LP increased its stake in Hubbell by 121.7% in the fourth quarter. Allworth Financial LP now owns 532 shares of the industrial products company's stock valued at $243,000 after acquiring an additional 292 shares during the period. Sanctuary Advisors LLC increased its stake in Hubbell by 0.5% in the fourth quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company's stock valued at $2,313,000 after acquiring an additional 27 shares during the period. CIBC Asset Management Inc increased its stake in Hubbell by 4.6% in the fourth quarter. CIBC Asset Management Inc now owns 8,176 shares of the industrial products company's stock valued at $3,425,000 after acquiring an additional 357 shares during the period. Finally, Truist Financial Corp increased its stake in Hubbell by 3.1% in the fourth quarter. Truist Financial Corp now owns 15,967 shares of the industrial products company's stock valued at $6,688,000 after acquiring an additional 485 shares during the period. Institutional investors own 88.16% of the company's stock.

Insider Transactions at Hubbell

In related news, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total value of $154,516.00. Following the transaction, the director now directly owns 1,727 shares in the company, valued at $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 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 disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on HUBB. Wall Street Zen cut shares of Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Barclays upped their price objective on shares of Hubbell from $400.00 to $414.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. upped their price objective 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. Six 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.com, Hubbell presently has a consensus rating of "Hold" and a consensus target price of $459.25.

Hubbell Price Performance

Shares of HUBB stock opened at $395.26 on Friday. Hubbell Inc has a 1 year low of $299.43 and a 1 year high of $481.35. The firm's 50 day moving average is $374.12 and its 200-day moving average is $386.88. The firm has a market capitalization of $21.10 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 1.39 and a beta of 0.99. The company has a current ratio of 1.17, a quick ratio of 0.73 and a debt-to-equity ratio of 0.32.

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

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.34%. Hubbell's payout ratio is 35.72%.

Hubbell Company 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.

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