Wellington Management Group LLP Has $65.55 Million Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Wellington Management Group LLP trimmed its stake in Hubbell Incorporated (NYSE:HUBB) by 9.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,023 shares of the industrial products company’s stock after selling 16,030 shares during the quarter. Wellington Management Group LLP owned approximately 0.29% of Hubbell worth $65,547,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in shares of Hubbell in the third quarter valued at $33,000. Ashton Thomas Securities LLC bought a new position in shares of Hubbell in the 3rd quarter valued at about $41,000. Quarry LP acquired a new position in shares of Hubbell during the 2nd quarter worth about $49,000. Northwest Investment Counselors LLC bought a new stake in shares of Hubbell in the 3rd quarter valued at about $58,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Hubbell in the 2nd quarter valued at about $62,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Barclays increased their price target on Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft cut shares of Hubbell from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $385.00 to $454.00 in a research report on Thursday, October 10th. Finally, Sanford C. Bernstein began coverage on shares of Hubbell in a report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 target price for the company. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Hubbell has an average rating of “Hold” and a consensus price target of $472.13.

Hubbell Trading Down 0.8 %

Shares of Hubbell stock opened at $448.60 on Wednesday. Hubbell Incorporated has a 52-week low of $306.92 and a 52-week high of $481.35. The stock has a market cap of $24.08 billion, a PE ratio of 32.32, a PEG ratio of 1.72 and a beta of 0.91. The firm has a 50-day moving average of $450.21 and a 200-day moving average of $407.19. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66.

Hubbell (NYSE:HUBB) last released its earnings results 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. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. Hubbell’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.95 EPS. As a group, sell-side analysts forecast that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 1.18%. The ex-dividend date is Friday, November 29th. Hubbell’s payout ratio is currently 38.04%.

Insiders Place Their Bets

In other news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the sale, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.78% of the company’s stock.

Hubbell 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.