Bank of Montreal Can Trims Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Bank of Montreal Can reduced its position in Hubbell Incorporated (NYSE:HUBB) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,840 shares of the industrial products company’s stock after selling 3,903 shares during the quarter. Bank of Montreal Can owned about 0.42% of Hubbell worth $96,768,000 at the end of the most recent reporting period.

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

Insider Activity at Hubbell

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

Hubbell Stock Performance

Shares of HUBB stock opened at $460.55 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $24.72 billion, a PE ratio of 33.18, a P/E/G ratio of 1.71 and a beta of 0.90. Hubbell Incorporated has a 1 year low of $293.91 and a 1 year high of $481.35. The stock has a fifty day moving average price of $443.30 and a 200 day moving average price of $403.08.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, topping the consensus estimate of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the firm earned $3.95 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts forecast that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.32 per share. This is an increase from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Friday, November 29th. Hubbell’s payout ratio is currently 38.04%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on HUBB. Stephens reiterated an “overweight” rating and issued a $450.00 price objective on shares of Hubbell in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and lowered their target price for the company from $493.00 to $473.00 in a report on Tuesday. Barclays increased their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Mizuho lifted their price objective on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Morgan Stanley increased their target price on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Hubbell presently has a consensus rating of “Moderate Buy” and an average target price of $449.11.

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.