Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Holdings in Hubbell Inc (NYSE:HUBB)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Hubbell Inc by 83.7%, owning approximately 0.07% of the company valued at $11.8 million after selling over 183,000 shares.
• CEO Gerben Bakker sold 7,723 shares for approximately $2.97 million, marking an 8.60% decrease in his ownership.
• Hubbell's recent quarterly earnings exceeded analysts' estimates, reporting $4.93 EPS, while the company has announced a quarterly dividend of $1.32 per share.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Hubbell Inc (NYSE:HUBB - Free Report) by 83.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,666 shares of the industrial products company's stock after selling 183,335 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Hubbell worth $11,802,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in HUBB. Tsfg LLC purchased a new stake in shares of Hubbell in the 1st quarter worth $30,000. Johnson Financial Group Inc. raised its position in shares of Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock worth $44,000 after acquiring an additional 65 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Hubbell in the 1st quarter worth $49,000. CX Institutional bought a new position in shares of Hubbell in the 1st quarter worth $49,000. Finally, Intact Investment Management Inc. bought a new position in shares of Hubbell in the 1st quarter worth $66,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on HUBB. Barclays boosted their price target on Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a research report on Friday. Wells Fargo & Company upped their target price on Hubbell from $420.00 to $445.00 and gave the company an "equal weight" rating in a research report on Wednesday. Wall Street Zen lowered Hubbell from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. upped 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 given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $460.75.

Hubbell Stock Performance

Hubbell stock traded down $11.21 during trading hours on Friday, hitting $426.27. 737,548 shares of the stock traded hands, compared to its average volume of 647,696. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.73. The firm's 50 day moving average price is $408.27 and its 200-day moving average price is $383.52. The stock has a market capitalization of $22.75 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 2.44 and a beta of 0.99. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35.

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, beating the consensus estimate of $4.36 by $0.57. The business 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%. As a group, equities analysts expect that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $1.32 dividend. The ex-dividend date is Friday, August 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.2%. Hubbell's dividend payout ratio is presently 34.29%.

Insider Transactions at Hubbell

In other news, CEO Gerben Bakker sold 7,723 shares of the company's 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 owned 82,101 shares in the company, valued at $31,578,507.63. This represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the completion of the sale, the director owned 1,727 shares in the company, valued at $667,122.83. The trade was a 18.81% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

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.