Hubbell Incorporated (NYSE:HUBB) Stake Cut by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its holdings in Hubbell Incorporated (NYSE:HUBB) by 21.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,648 shares of the industrial products company’s stock after selling 4,116 shares during the period. Advisors Asset Management Inc.’s holdings in Hubbell were worth $6,274,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new stake in Hubbell in the 3rd quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in shares of Hubbell during the 3rd quarter worth approximately $41,000. Quarry LP acquired a new stake in shares of Hubbell during the 2nd quarter worth approximately $49,000. Northwest Investment Counselors LLC acquired a new stake in shares of Hubbell during the 3rd quarter worth approximately $58,000. Finally, GAMMA Investing LLC grew its holdings in shares of Hubbell by 84.7% during the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 72 shares in the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Price Performance

NYSE:HUBB opened at $458.27 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $438.91 and its two-hundred day moving average price is $401.31. The firm has a market capitalization of $24.60 billion, a price-to-earnings ratio of 33.02, a P/E/G ratio of 1.68 and a beta of 0.90. Hubbell Incorporated has a 12-month low of $293.91 and a 12-month high of $481.35.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.95 earnings per share. On average, analysts anticipate that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a yield of 1.15%. Hubbell’s dividend payout ratio is presently 35.16%.

Insider Activity

In related news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the transaction, the insider now directly owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on HUBB shares. Mizuho raised their target price on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Stephens restated an “overweight” rating and set a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Sanford C. Bernstein assumed coverage on Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, Morgan Stanley boosted their target price on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $445.56.

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.