PNC Financial Services Group Inc. Sells 2,518 Shares of Hubbell Inc (NYSE:HUBB)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Hubbell Inc by 0.7%, owning approximately 347,849 shares valued at $115.1 million after selling 2,518 shares in the first quarter.
• Hubbell recently announced a quarterly dividend of $1.32 per share, representing an annualized dividend of $5.28 with a yield of 1.2%, to be paid on September 15th.
• The company's stock has a market capitalization of $22.75 billion, with a recent price opening at $426.27, and a twelve-month trading range between $299.42 and $481.35.

PNC Financial Services Group Inc. trimmed its holdings in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 0.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 347,849 shares of the industrial products company's stock after selling 2,518 shares during the quarter. PNC Financial Services Group Inc. owned 0.65% of Hubbell worth $115,107,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Marshall Wace LLP grew its position in shares of Hubbell by 418.1% in the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock valued at $128,620,000 after purchasing an additional 247,786 shares in the last quarter. Bain Capital Public Equity Management II LLC purchased a new position in shares of Hubbell in the fourth quarter valued at $95,868,000. GAMMA Investing LLC grew its position in shares of Hubbell by 52,429.8% in the first quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company's stock valued at $636,200,000 after purchasing an additional 191,893 shares in the last quarter. PointState Capital LP purchased a new stake in Hubbell in the 4th quarter worth approximately $78,443,000. Finally, Ameriprise Financial Inc. lifted its stake in Hubbell by 80.1% in the 4th quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company's stock worth $140,876,000 after purchasing an additional 149,622 shares in the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Hubbell

In other news, Director Carlos M. Cardoso sold 400 shares of the firm'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 directly owned 1,727 shares in the company, valued at $667,122.83. This trade represents a 18.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gerben Bakker sold 7,723 shares of the firm's stock in a transaction on 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 owned 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.76% of the company's stock.

Wall Street Analyst Weigh In

HUBB has been the subject of several recent analyst reports. Barclays boosted their target price on Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Wells Fargo & Company boosted their price objective on Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen raised Hubbell from a "hold" rating to a "buy" rating in a report on Saturday. Finally, JPMorgan Chase & Co. boosted their price objective on Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $462.29.

Hubbell Stock Down 1.2%

Shares of NYSE:HUBB traded down $4.96 during trading on Wednesday, hitting $422.72. The stock had a trading volume of 134,367 shares, compared to its average volume of 642,839. Hubbell Inc has a 12 month low of $299.42 and a 12 month high of $481.35. The company has a market capitalization of $22.56 billion, a PE ratio of 27.39, a PEG ratio of 2.40 and a beta of 0.99. The firm's fifty day moving average is $410.32 and its 200 day moving average is $383.11. 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 results 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. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.51 billion. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. Analysts anticipate that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, August 29th. 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.