Freestone Capital Holdings LLC Sells 1,465 Shares of Hubbell Inc $HUBB

Key Points

• Freestone Capital Holdings LLC decreased its stake in Hubbell Inc by 57.1%, now holding 1,102 shares valued at approximately $365,000.
• Hubbell's earnings report showed $4.93 earnings per share, exceeding the consensus estimate of $4.36, while the company also announced a quarterly dividend of $1.32 per share.
• Wells Fargo & Company and Barclays both raised their target prices for Hubbell shares, now set at $445.00 and $431.00, respectively, aligning with a majority "hold" rating from analysts.

Freestone Capital Holdings LLC cut its stake in Hubbell Inc (NYSE:HUBB - Free Report) by 57.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,102 shares of the industrial products company's stock after selling 1,465 shares during the period. Freestone Capital Holdings LLC's holdings in Hubbell were worth $365,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in Hubbell by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company's stock worth $937,623,000 after buying an additional 7,142 shares in the last quarter. Invesco Ltd. lifted its position in shares of Hubbell by 2.1% in the 1st quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company's stock worth $503,757,000 after acquiring an additional 31,859 shares during the period. Deutsche Bank AG grew its holdings in shares of Hubbell by 35.1% during the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company's stock worth $365,353,000 after purchasing an additional 287,047 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Hubbell during the 1st quarter worth approximately $213,283,000. Finally, Northern Trust Corp increased its position in shares of Hubbell by 16.4% during the fourth quarter. Northern Trust Corp now owns 518,111 shares of the industrial products company's stock valued at $217,032,000 after purchasing an additional 72,913 shares during the period. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on HUBB shares. Wells Fargo & Company raised their target price on Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Barclays increased their price objective on shares of Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. lifted their target price on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Wall Street Zen raised shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Hubbell presently has a consensus rating of "Hold" and a consensus price target of $462.29.

Hubbell Trading Up 1.2%

Shares of Hubbell stock opened at $432.59 on Tuesday. Hubbell Inc has a 12-month low of $299.42 and a 12-month high of $481.35. The stock has a market capitalization of $22.99 billion, a P/E ratio of 28.09, a price-to-earnings-growth ratio of 2.39 and a beta of 0.99. The company has a 50-day simple moving average of $416.93 and a 200 day simple moving average of $382.31. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.30.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share for the quarter, topping the consensus estimate of $4.36 by $0.57. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.51 billion. Research analysts expect that Hubbell Inc will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.32 dividend. The ex-dividend date is Friday, August 29th. This represents a $5.28 annualized dividend and a yield of 1.2%. Hubbell's payout ratio is presently 34.29%.

Insider Transactions at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the transaction, the director owned 1,727 shares of the company's stock, valued at approximately $667,122.83. The trade was a 18.81% 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. Insiders own 0.66% of the company's stock.

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.

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