Sit Investment Associates Inc. lowered its stake in Hubbell Incorporated (NYSE:HUBB – Free Report) by 14.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 14,710 shares of the industrial products company’s stock after selling 2,540 shares during the period. Sit Investment Associates Inc.’s holdings in Hubbell were worth $4,877,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Panagora Asset Management Inc. boosted its stake in shares of Hubbell by 87.6% during the 1st quarter. Panagora Asset Management Inc. now owns 5,426 shares of the industrial products company’s stock worth $997,000 after purchasing an additional 2,533 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in Hubbell by 9.4% during the first quarter. Great West Life Assurance Co. Can now owns 31,791 shares of the industrial products company’s stock worth $6,006,000 after acquiring an additional 2,736 shares during the last quarter. Blair William & Co. IL grew its stake in Hubbell by 0.5% in the 1st quarter. Blair William & Co. IL now owns 22,986 shares of the industrial products company’s stock worth $4,224,000 after acquiring an additional 120 shares during the period. Vanguard Group Inc. lifted its stake in shares of Hubbell by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 5,454,758 shares of the industrial products company’s stock worth $1,002,421,000 after purchasing an additional 23,865 shares during the period. Finally, Covestor Ltd lifted its position in Hubbell by 137.3% during the first quarter. Covestor Ltd now owns 522 shares of the industrial products company’s stock worth $96,000 after buying an additional 302 shares during the period. Institutional investors and hedge funds own 85.97% of the company’s stock.
Hubbell Trading Down 2.1 %
NYSE HUBB opened at $289.43 on Thursday. The stock has a market cap of $15.52 billion, a P/E ratio of 21.99, a PEG ratio of 1.91 and a beta of 0.93. The company’s fifty day simple moving average is $300.19 and its 200-day simple moving average is $305.04. The company has a current ratio of 2.16, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. Hubbell Incorporated has a 52 week low of $219.77 and a 52 week high of $340.06.
Hubbell Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Wednesday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.12. Hubbell’s dividend payout ratio (DPR) is 34.04%.
Insiders Place Their Bets
In other news, VP Nero Jonathan M. Del sold 1,902 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $285.54, for a total transaction of $543,097.08. Following the completion of the transaction, the vice president now directly owns 3,646 shares in the company, valued at approximately $1,041,078.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.66% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of research firms have weighed in on HUBB. Stephens reaffirmed an “overweight” rating and set a $375.00 price target on shares of Hubbell in a research note on Wednesday, November 1st. Seaport Res Ptn restated a “buy” rating on shares of Hubbell in a report on Wednesday, November 8th. Mizuho boosted their target price on Hubbell from $300.00 to $370.00 in a report on Wednesday, July 26th. StockNews.com started coverage on shares of Hubbell in a report on Thursday, October 5th. They issued a “buy” rating on the stock. Finally, Wolfe Research raised shares of Hubbell from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Hubbell currently has an average rating of “Hold” and a consensus price target of $280.86.
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.
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