Principal Financial Group Inc. Has $67.44 Million Stock Position in Hubbell Inc (NYSE:HUBB)

Principal Financial Group Inc. decreased its position in Hubbell Inc (NYSE:HUBB - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 203,803 shares of the industrial products company's stock after selling 22,907 shares during the period. Principal Financial Group Inc. owned about 0.38% of Hubbell worth $67,441,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV lifted its holdings in Hubbell by 85.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 30 shares during the period. Tsfg LLC acquired a new stake in Hubbell in the first quarter valued at $30,000. Johnson Financial Group Inc. lifted its holdings in Hubbell by 166.7% in the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 65 shares during the period. NBC Securities Inc. acquired a new stake in Hubbell in the first quarter valued at $49,000. Finally, CX Institutional purchased a new position in shares of Hubbell in the first quarter valued at $49,000. Hedge funds and other institutional investors own 88.16% of the company's stock.

Hubbell Stock Performance

HUBB traded down $2.14 during trading on Monday, reaching $412.70. 526,067 shares of the company were exchanged, compared to its average volume of 532,995. The stock has a market cap of $22.03 billion, a P/E ratio of 25.20, a PEG ratio of 1.45 and a beta of 0.99. The firm has a 50 day moving average of $387.73 and a 200 day moving average of $382.86. 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 Inc has a 52 week low of $299.43 and a 52 week high of $481.35.

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

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.28%. The ex-dividend date was Friday, May 30th. Hubbell's dividend payout ratio is currently 35.72%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on HUBB. JPMorgan Chase & Co. raised their price target on Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company set a $420.00 price target on Hubbell and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Wall Street Zen lowered Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Finally, Barclays upped their target price on Hubbell from $400.00 to $414.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Hubbell presently has an average rating of "Hold" and an average target price of $455.50.

Insider Activity

In other news, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total value of $2,970,497.49. Following the transaction, the chief executive officer directly owned 82,101 shares in the company, valued at approximately $31,578,507.63. This represents 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 corporate insiders.

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.