TCW Group Inc. Cuts Holdings in Hubbell Inc (NYSE:HUBB)

Key Points

• TCW Group Inc. reduced its stake in Hubbell Inc. by 33.6% in the first quarter, holding 11,036 shares post-sale, valued at $3,652,000.
• Several institutional investors increased their holdings in Hubbell, which now has 88.16% of its stock owned by institutions, indicating strong interest from major investors.
• The stock has seen a downgrade to a "hold" rating by Wall Street Zen, with a current consensus rating of "Hold" and an average price target of $456.25.

TCW Group Inc. trimmed its position in Hubbell Inc (NYSE:HUBB - Free Report) by 33.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 11,036 shares of the industrial products company's stock after selling 5,585 shares during the period. TCW Group Inc.'s holdings in Hubbell were worth $3,652,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Tsfg LLC bought a new stake in Hubbell during the first quarter worth $30,000. Johnson Financial Group Inc. grew its stake in Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 65 shares during the period. CX Institutional purchased a new stake in shares of Hubbell during the 1st quarter valued at $49,000. NBC Securities Inc. bought a new stake in shares of Hubbell during the 1st quarter worth $49,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Hubbell in the 1st quarter worth about $66,000. Institutional investors own 88.16% of the company's stock.

Analyst Ratings Changes

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

Insider Transactions at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 82,101 shares in the company, valued at $31,578,507.63. This represents a 8.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carlos M. Cardoso sold 400 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total transaction 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. The trade was a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company's stock.

Hubbell Trading Up 1.2%

Shares of HUBB stock opened at $442.61 on Monday. The stock has a market capitalization of $23.62 billion, a price-to-earnings ratio of 29.95, a PEG ratio of 2.55 and a beta of 0.99. The company's fifty day simple moving average is $404.50 and its two-hundred day simple moving average is $382.59. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35. 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 (NYSE:HUBB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.73 by ($0.23). The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.39 billion. Hubbell had a net margin of 14.29% and a return on equity of 27.68%. The business'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 earnings per share. As a group, analysts anticipate that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.19%. Hubbell's dividend payout ratio is presently 35.72%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.