Hubbell Inc (NYSE:HUBB) Position Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reduced its stake in Hubbell Inc by 11.8%, now owning approximately 1,266,141 shares valued at $418.98 million.
• Equity analysts have recently upgraded their price targets for Hubbell, with Barclays setting a new target of $431 and Wells Fargo increasing theirs to $445.
• Hubbell declared a quarterly dividend of $1.32 per share, representing an annualized yield of 1.3%, with a payout ratio of 34.29%.

JPMorgan Chase & Co. trimmed its stake in Hubbell Inc (NYSE:HUBB - Free Report) by 11.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,266,141 shares of the industrial products company's stock after selling 168,775 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.36% of Hubbell worth $418,979,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Tsfg LLC bought a new stake in shares of Hubbell during the first quarter valued at about $30,000. Johnson Financial Group Inc. raised its stake in shares of Hubbell by 166.7% during the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 65 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Hubbell during the first quarter valued at about $49,000. CX Institutional bought a new stake in shares of Hubbell during the first quarter valued at about $49,000. Finally, Intact Investment Management Inc. bought a new stake in shares of Hubbell during the first quarter valued at about $66,000. 88.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on HUBB shares. Barclays lifted 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. Wall Street Zen upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Wells Fargo & Company lifted their price objective on shares of Hubbell from $420.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Five equities 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, the stock has a consensus rating of "Hold" and an average price target of $462.29.

Insider Transactions at Hubbell

In related news, Director Carlos M. Cardoso sold 400 shares of Hubbell stock in a transaction dated 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. This trade represents a 18.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gerben Bakker sold 7,723 shares of Hubbell stock in a transaction dated 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Company insiders own 0.76% of the company's stock.

Hubbell Price Performance

Shares of Hubbell stock opened at $417.57 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 0.76 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $412.60 and its two-hundred day moving average price is $381.76. Hubbell Inc has a 52 week low of $299.42 and a 52 week high of $481.35. The stock has a market cap of $22.19 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 2.34 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS 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 firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.51 billion. As a group, sell-side analysts anticipate that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $1.32 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $5.28 dividend on an annualized basis and a yield of 1.3%. Hubbell's dividend payout ratio (DPR) is currently 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.

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