Gabelli Funds LLC Cuts Stock Position in Hubbell Incorporated (NYSE:HUBB)

Gabelli Funds LLC cut its stake in Hubbell Incorporated (NYSE:HUBB) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,980 shares of the industrial products company’s stock after selling 120 shares during the quarter. Gabelli Funds LLC’s holdings in Hubbell were worth $9,940,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Hubbell by 1.7% in the first quarter. BlackRock Inc. now owns 5,457,568 shares of the industrial products company’s stock worth $1,327,881,000 after buying an additional 89,491 shares during the last quarter. Vanguard Group Inc. lifted its position in Hubbell by 0.4% in the first quarter. Vanguard Group Inc. now owns 5,454,758 shares of the industrial products company’s stock worth $1,002,421,000 after buying an additional 23,865 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Hubbell by 42.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,028,010 shares of the industrial products company’s stock worth $1,223,367,000 after buying an additional 1,509,684 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Hubbell by 5.8% in the first quarter. JPMorgan Chase & Co. now owns 2,731,202 shares of the industrial products company’s stock worth $664,529,000 after buying an additional 148,953 shares during the last quarter. Finally, FMR LLC lifted its position in Hubbell by 2.6% in the first quarter. FMR LLC now owns 2,007,156 shares of the industrial products company’s stock worth $488,361,000 after buying an additional 50,956 shares during the last quarter. 85.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Hubbell

In other news, VP Nero Jonathan M. Del sold 1,902 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $285.54, for a total transaction of $543,097.08. Following the sale, the vice president now owns 3,646 shares in the company, valued at $1,041,078.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on HUBB shares. Wolfe Research upgraded Hubbell from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 11th. Stephens reiterated an “overweight” rating and set a $375.00 target price on shares of Hubbell in a research report on Wednesday, November 1st. JPMorgan Chase & Co. upgraded Hubbell from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $333.00 to $335.00 in a research report on Friday. Mizuho lifted their target price on Hubbell from $300.00 to $370.00 in a research report on Wednesday, July 26th. Finally, Seaport Res Ptn reiterated a “buy” rating on shares of Hubbell in a research report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $299.43.

Hubbell Stock Performance

HUBB stock opened at $300.82 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 1.43. The business has a 50-day moving average price of $297.89 and a 200 day moving average price of $305.64. The company has a market capitalization of $16.13 billion, a P/E ratio of 22.86, a PEG ratio of 1.91 and a beta of 0.93. Hubbell Incorporated has a 1-year low of $219.77 and a 1-year high of $340.06.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $3.95 earnings per share for the quarter, missing the consensus estimate of $4.07 by ($0.12). Hubbell had a net margin of 13.56% and a return on equity of 30.09%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm earned $3.08 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Hubbell Incorporated will post 15.19 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.62%. 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 payout ratio is 37.08%.

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.