Assenagon Asset Management S.A. Reduces Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Assenagon Asset Management S.A. reduced its position in Hubbell Incorporated (NYSE:HUBB) by 94.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,053 shares of the industrial products company’s stock after selling 69,397 shares during the period. Assenagon Asset Management S.A.’s holdings in Hubbell were worth $1,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB lifted its stake in shares of Hubbell by 4.1% during the 1st quarter. Nordea Investment Management AB now owns 160,085 shares of the industrial products company’s stock valued at $66,571,000 after buying an additional 6,275 shares in the last quarter. Van Leeuwen & Company LLC lifted its position in shares of Hubbell by 59.8% during the fourth quarter. Van Leeuwen & Company LLC now owns 8,265 shares of the industrial products company’s stock worth $2,719,000 after acquiring an additional 3,092 shares in the last quarter. Clearbridge Investments LLC bought a new position in shares of Hubbell in the fourth quarter worth $1,258,000. Focus Financial Network Inc. ADV purchased a new position in shares of Hubbell in the fourth quarter valued at $636,000. Finally, TD Asset Management Inc raised its stake in shares of Hubbell by 343.8% during the 4th quarter. TD Asset Management Inc now owns 43,785 shares of the industrial products company’s stock valued at $14,402,000 after purchasing an additional 33,920 shares during the period. 88.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on HUBB shares. Stephens restated an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research note on Friday, August 2nd. Barclays cut their price objective on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on shares of Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company raised their price target on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Hubbell has a consensus rating of “Moderate Buy” and a consensus target price of $402.57.

Insider Buying and Selling

In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the transaction, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the sale, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the transaction, the chief executive officer now owns 66,415 shares in the company, valued at $24,861,791.10. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $375.42 on Thursday. Hubbell Incorporated has a one year low of $248.37 and a one year high of $429.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.03. The firm has a market capitalization of $20.15 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.43 and a beta of 0.90. The company’s fifty day moving average price is $374.01 and its 200-day moving average price is $384.22.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the firm earned $4.07 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. On average, equities research analysts anticipate that Hubbell Incorporated will post 16.38 earnings per share for the current fiscal year.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $1.22 per share. The ex-dividend date is Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.30%. Hubbell’s dividend payout ratio is 36.39%.

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.