Vanguard Group Inc. Sells 9,291 Shares of Hubbell Inc (NYSE:HUBB)

Key Points

• Vanguard Group Inc. holds a significant position in Hubbell Inc. with a total of 6,625,414 shares valued at approximately $2.19 billion, though it reduced its holdings by 0.1% in the first quarter.
• Multiple hedge funds have increased their investments in Hubbell, with the Teacher Retirement System of Texas raising its stake by an impressive 1,462.9%, now owning 7,846 shares valued at around $2.6 million.
• Analysts have upgraded Hubbell's stock ratings, with Wells Fargo raising the price target from $420.00 to $445.00 and a consensus price target now set at $462.29.

Vanguard Group Inc. decreased its position in Hubbell Inc (NYSE:HUBB - Free Report) by 0.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,625,414 shares of the industrial products company's stock after selling 9,291 shares during the quarter. Vanguard Group Inc. owned approximately 12.35% of Hubbell worth $2,192,416,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of HUBB. Tsfg LLC bought a new position in Hubbell during the first quarter worth $30,000. Johnson Financial Group Inc. boosted its stake in Hubbell by 166.7% during 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. acquired a new stake in Hubbell during the first quarter worth $49,000. CX Institutional acquired a new stake in Hubbell during the first quarter worth $49,000. Finally, Intact Investment Management Inc. acquired a new stake in Hubbell during the first quarter worth $66,000. Institutional investors own 88.16% of the company's stock.

Hubbell Price Performance

Shares of NYSE:HUBB traded up $14.64 on Tuesday, hitting $432.18. The stock had a trading volume of 414,539 shares, compared to its average volume of 597,385. Hubbell Inc has a twelve month low of $299.42 and a twelve month high of $481.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.76 and a current ratio of 1.30. The firm's 50 day moving average price is $413.43 and its 200-day moving average price is $382.11. The company has a market capitalization of $22.97 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 2.34 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 (EPS) for the quarter, beating analysts' consensus estimates of $4.36 by $0.57. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.51 billion. On average, equities research analysts predict that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's payout ratio is currently 34.29%.

Insider Transactions at Hubbell

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 completion of the transaction, the chief executive officer directly owned 82,101 shares of the company's stock, valued at $31,578,507.63. The trade was a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of Hubbell 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 completion of the transaction, the director directly owned 1,727 shares of the company's stock, valued at $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.76% of the company's stock.

Analysts Set New Price Targets

HUBB has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Barclays boosted their target price on shares of Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Wells Fargo & Company boosted their target price on shares of Hubbell from $420.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Five equities research 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $462.29.

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.