Hubbell Inc $HUBB Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its stake in shares of Hubbell Inc (NYSE:HUBB) by 14.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,217 shares of the industrial products company’s stock after selling 1,421 shares during the period. ProShare Advisors LLC’s holdings in Hubbell were worth $3,727,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Hubbell in the second quarter valued at about $2,455,986,000. Bank of New York Mellon Corp acquired a new position in Hubbell during the 2nd quarter worth approximately $783,142,000. Deutsche Bank AG acquired a new position in Hubbell during the 2nd quarter worth approximately $610,053,000. First Trust Advisors LP increased its position in Hubbell by 26.9% during the 1st quarter. First Trust Advisors LP now owns 714,287 shares of the industrial products company’s stock worth $350,529,000 after purchasing an additional 151,467 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Hubbell by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,643 shares of the industrial products company’s stock worth $251,531,000 after buying an additional 4,894 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Stock Down 4.4%

Hubbell stock opened at $418.82 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.87 and a current ratio of 1.53. The firm has a market capitalization of $22.13 billion, a price-to-earnings ratio of 24.55, a price-to-earnings-growth ratio of 2.09 and a beta of 0.84. Hubbell Inc has a fifty-two week low of $403.82 and a fifty-two week high of $565.50. The stock’s fifty day moving average is $456.55 and its two-hundred day moving average is $486.85.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $5.91 EPS for the quarter, topping the consensus estimate of $5.75 by $0.16. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the firm earned $5.17 EPS. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. Analysts predict that Hubbell Inc will post 20.55 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be issued a $1.52 dividend. This represents a $6.08 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Hubbell’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend is Monday, November 30th. Hubbell’s payout ratio is presently 33.29%.

Analyst Upgrades and Downgrades

HUBB has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Hubbell from $531.00 to $525.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 28th. Evercore reissued an “outperform” rating and issued a $630.00 target price on shares of Hubbell in a report on Friday, October 9th. Sanford C. Bernstein reissued an “outperform” rating on shares of Hubbell in a report on Wednesday, July 29th. Mizuho set a $515.00 target price on shares of Hubbell in a research report on Wednesday, October 28th. Finally, Robert W. Baird lowered their price target on shares of Hubbell from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $546.00.

Insider Buying and Selling at Hubbell

In other news, VP Jonathan Del Nero sold 547 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $518.56, for a total value of $283,652.32. Following the completion of the transaction, the vice president directly owned 2,933 shares of the company’s stock, valued at $1,520,936.48. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.63% of the stock is currently owned by company insiders.

About Hubbell

Hubbell Incorporated (NYSE:HUBB) is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.

Hubbell’s Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.

Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.