RWC Asset Management LLP Cuts Stock Holdings in Hubbell Inc (NYSE:HUBB)

Key Points

• RWC Asset Management LLP reduced its stake in Hubbell Inc by 19.0% in the first quarter, selling 10,170 shares and holding a total of 43,244 shares worth approximately $14.31 million at the end of the quarter.
• Several institutional investors have recently increased their positions in Hubbell, with 88.16% of the company's stock owned by institutional investors.
• Hubbell's stock currently has an average rating of "Hold" and a consensus price target of $456.25, according to recent analyst reports.

RWC Asset Management LLP decreased its position in Hubbell Inc (NYSE:HUBB - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,244 shares of the industrial products company's stock after selling 10,170 shares during the quarter. RWC Asset Management LLP owned about 0.08% of Hubbell worth $14,310,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in HUBB. Norges Bank bought a new stake in Hubbell during the fourth quarter worth approximately $195,218,000. Marshall Wace LLP boosted its holdings in Hubbell by 418.1% during the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock worth $128,620,000 after buying an additional 247,786 shares during the last quarter. Bain Capital Public Equity Management II LLC bought a new position in Hubbell during the fourth quarter worth about $95,868,000. GAMMA Investing LLC raised its holdings in shares of Hubbell by 52,429.8% during the first quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company's stock worth $636,200,000 after acquiring an additional 191,893 shares during the period. Finally, PointState Capital LP bought a new stake in Hubbell in the 4th quarter valued at approximately $78,443,000. 88.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company lifted their target price on Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a report on Wednesday. Wall Street Zen lowered shares of Hubbell from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Finally, Barclays boosted their price objective on shares of Hubbell from $414.00 to $420.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $459.38.

Hubbell Price Performance

Shares of HUBB stock traded up $2.37 on Thursday, reaching $439.81. The company had a trading volume of 351,641 shares, compared to its average volume of 644,583. The business's 50-day moving average is $407.30 and its 200 day moving average is $383.39. Hubbell Inc has a one year low of $299.42 and a one year high of $481.35. The company has a quick ratio of 0.73, a current ratio of 1.30 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $23.47 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 2.39 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last released 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 analysts' expectations of $1.51 billion. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. Equities research analysts forecast that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Friday, August 29th. Hubbell's payout ratio is 34.29%.

Insider Buying and Selling at Hubbell

In related news, Director Carlos M. Cardoso sold 400 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gerben Bakker sold 7,723 shares of the company'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 sale, the chief executive officer owned 82,101 shares of the company's stock, valued at $31,578,507.63. This trade represents a 8.60% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Hubbell Company 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.