Kentucky Retirement Systems Trims Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Kentucky Retirement Systems lessened its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 7.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,740 shares of the industrial products company’s stock after selling 306 shares during the quarter. Kentucky Retirement Systems’ holdings in Hubbell were worth $1,602,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. CIBC Asset Management Inc boosted its holdings in Hubbell by 8.2% during the 3rd quarter. CIBC Asset Management Inc now owns 7,819 shares of the industrial products company’s stock valued at $3,349,000 after acquiring an additional 595 shares during the period. Metis Global Partners LLC boosted its stake in shares of Hubbell by 52.7% in the third quarter. Metis Global Partners LLC now owns 2,578 shares of the industrial products company’s stock valued at $1,104,000 after purchasing an additional 890 shares during the period. Curi RMB Capital LLC grew its holdings in shares of Hubbell by 3.5% in the third quarter. Curi RMB Capital LLC now owns 22,234 shares of the industrial products company’s stock valued at $9,524,000 after purchasing an additional 746 shares in the last quarter. Huntington National Bank increased its stake in Hubbell by 11.4% during the 3rd quarter. Huntington National Bank now owns 860 shares of the industrial products company’s stock worth $368,000 after buying an additional 88 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new stake in Hubbell during the 3rd quarter worth approximately $255,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the transaction, the insider now owns 2,957 shares of the company’s stock, 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 through this link. Corporate insiders own 0.66% of the company’s stock.

Hubbell Trading Up 1.7 %

Shares of Hubbell stock opened at $444.93 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $435.08 and a 200-day simple moving average of $399.99. The stock has a market cap of $23.88 billion, a price-to-earnings ratio of 32.06, a PEG ratio of 1.63 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 issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the company posted $3.95 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Hubbell Incorporated will post 16.47 EPS for the current fiscal year.

Hubbell Increases Dividend

The firm also recently announced 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 is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.19%. Hubbell’s dividend payout ratio (DPR) is 38.04%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HUBB. Sanford C. Bernstein assumed coverage on Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded Hubbell from a “hold” rating to a “buy” rating and upped their price target for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Wells Fargo & Company lifted their price objective on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Barclays lifted their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $445.56.

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.