Jennison Associates LLC Lowers Stock Holdings in Hubbell Inc (NYSE:HUBB)

Jennison Associates LLC cut its position in Hubbell Inc (NYSE:HUBB - Free Report) by 97.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,395 shares of the industrial products company's stock after selling 61,182 shares during the period. Jennison Associates LLC's holdings in Hubbell were worth $462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of HUBB. Tsfg LLC bought a new stake in shares of Hubbell during the first quarter valued at approximately $30,000. Johnson Financial Group Inc. lifted its position in shares of Hubbell by 166.7% in the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock worth $44,000 after buying an additional 65 shares in the last quarter. NBC Securities Inc. bought a new stake in Hubbell in the 1st quarter worth approximately $49,000. CX Institutional purchased a new stake in shares of Hubbell during the 1st quarter worth approximately $49,000. Finally, Intact Investment Management Inc. bought a new position in shares of Hubbell during the 1st quarter valued at approximately $66,000. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Up 1.2%

NYSE HUBB traded up $5.11 on Friday, hitting $442.61. The stock had a trading volume of 489,931 shares, compared to its average volume of 486,468. Hubbell Inc has a 52-week low of $299.42 and a 52-week high of $481.35. The business's fifty day moving average price is $404.50 and its 200 day moving average price is $382.95. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.17 and a quick ratio of 0.73. The stock has a market cap of $23.62 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 2.55 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last posted 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%. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.60 EPS. Equities research analysts anticipate that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.19%. Hubbell's payout ratio is 35.72%.

Insider Activity

In related news, 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 sale, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction 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 completion of the transaction, the director directly owned 1,727 shares of the company's stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by insiders.

Analysts Set New Price Targets

HUBB has been the subject of several research reports. Barclays increased their price objective on shares of Hubbell from $414.00 to $420.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Wells Fargo & Company set a $420.00 price objective on shares of Hubbell and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Wall Street Zen downgraded shares of Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. boosted their target price on Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Six research 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 company presently has a consensus rating of "Hold" and a consensus price target of $456.25.

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.