PNC Financial Services Group Inc. Sells 9,231 Shares of Hubbell Incorporated (NYSE:HUBB)

PNC Financial Services Group Inc. trimmed its holdings in Hubbell Incorporated (NYSE:HUBB) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,781 shares of the industrial products company’s stock after selling 9,231 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Hubbell were worth $148,544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of HUBB. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Hubbell during the 3rd quarter valued at about $2,750,000. Banque Cantonale Vaudoise grew its position in Hubbell by 375.3% during the 3rd quarter. Banque Cantonale Vaudoise now owns 8,147 shares of the industrial products company’s stock valued at $3,490,000 after purchasing an additional 6,433 shares during the last quarter. LGT Capital Partners LTD. purchased a new stake in Hubbell during the 3rd quarter valued at about $39,687,000. MidAtlantic Capital Management Inc. purchased a new stake in Hubbell during the 3rd quarter valued at about $757,000. Finally, Swiss National Bank grew its position in Hubbell by 0.3% during the 3rd quarter. Swiss National Bank now owns 159,300 shares of the industrial products company’s stock valued at $68,236,000 after purchasing an additional 500 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Mark Eugene Mikes sold 1,144 shares of Hubbell stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the sale, the insider now owns 2,957 shares in the company, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HUBB shares. Morgan Stanley raised their price target on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Mizuho raised their price target on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday, November 14th. Barclays raised their price target on shares of Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. downgraded shares of Hubbell from an “overweight” rating to a “neutral” rating and raised their price target for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Hubbell has an average rating of “Moderate Buy” and a consensus price target of $445.56.

Hubbell Stock Performance

HUBB opened at $452.22 on Wednesday. Hubbell Incorporated has a 12-month low of $293.91 and a 12-month high of $481.35. The company has a market cap of $24.27 billion, a price-to-earnings ratio of 32.58, a PEG ratio of 1.63 and a beta of 0.90. The company’s 50 day moving average is $436.41 and its 200 day moving average is $400.49. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $3.95 EPS. On average, equities research analysts predict that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.17%. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is presently 35.16%.

Hubbell Company Profile

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.