Envestnet Portfolio Solutions Inc. Reduces Stock Holdings in Hubbell Inc (NYSE:HUBB)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 53.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,089 shares of the industrial products company's stock after selling 1,259 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Hubbell were worth $360,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CX Institutional purchased a new position in Hubbell in the 1st quarter worth about $49,000. Smartleaf Asset Management LLC grew its stake in shares of Hubbell by 25.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 190 shares of the industrial products company's stock worth $80,000 after acquiring an additional 38 shares during the period. UMB Bank n.a. grew its stake in shares of Hubbell by 21.1% in the first quarter. UMB Bank n.a. now owns 322 shares of the industrial products company's stock worth $107,000 after acquiring an additional 56 shares during the period. Janus Henderson Group PLC grew its position in Hubbell by 1.8% in the 4th quarter. Janus Henderson Group PLC now owns 7,130 shares of the industrial products company's stock worth $2,988,000 after purchasing an additional 123 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Hubbell by 360.0% in the 1st quarter. Farther Finance Advisors LLC now owns 460 shares of the industrial products company's stock worth $153,000 after purchasing an additional 360 shares during the period. 88.16% of the stock is owned by institutional investors.

Hubbell Stock Performance

Shares of HUBB stock traded up $3.97 during trading hours on Wednesday, reaching $414.48. 227,841 shares of the company traded hands, compared to its average volume of 531,766. The firm has a 50-day moving average price of $383.10 and a 200 day moving average price of $383.77. The company has a market cap of $22.12 billion, a P/E ratio of 28.03, a P/E/G ratio of 1.43 and a beta of 0.99. 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.

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

Hubbell Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on HUBB shares. Wells Fargo & Company raised their price target on Hubbell from $363.00 to $420.00 and gave the stock an "equal weight" rating in a research note on Tuesday. JPMorgan Chase & Co. raised 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. Barclays upped 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. Finally, Wall Street Zen cut shares of Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $455.50.

Insider Activity at Hubbell

In other Hubbell news, 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 value of $154,516.00. Following the completion of the transaction, the director directly owned 1,727 shares in the company, valued at $667,122.83. This represents a 18.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gerben Bakker sold 7,723 shares of Hubbell 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 sale, the chief executive officer owned 82,101 shares in the company, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their position. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.

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.