Hsbc Holdings PLC Sells 1,655 Shares of Hubbell Incorporated (NYSE:HUBB)

Hsbc Holdings PLC lessened its holdings in Hubbell Incorporated (NYSE:HUBB) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 111,404 shares of the industrial products company’s stock after selling 1,655 shares during the quarter. Hsbc Holdings PLC’s holdings in Hubbell were worth $41,063,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Hubbell by 15.9% during the fourth quarter. Vanguard Group Inc. now owns 6,696,582 shares of the industrial products company’s stock worth $2,202,707,000 after buying an additional 918,808 shares during the period. Norges Bank bought a new position in shares of Hubbell in the 4th quarter worth $143,024,000. Impax Asset Management Group plc lifted its stake in shares of Hubbell by 53.8% during the 2nd quarter. Impax Asset Management Group plc now owns 922,801 shares of the industrial products company’s stock worth $336,984,000 after purchasing an additional 322,728 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Hubbell by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after purchasing an additional 291,850 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Hubbell by 16.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock valued at $821,989,000 after purchasing an additional 286,134 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on HUBB. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and increased their price target for the company from $431.00 to $441.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. lifted their price target on shares of Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays reduced their price target on Hubbell from $384.00 to $368.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Morgan Stanley began coverage on Hubbell in a research note on Friday, September 6th. They set an “equal weight” rating and a $407.00 target price on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Hubbell has an average rating of “Moderate Buy” and a consensus price target of $404.88.

Insiders Place Their Bets

In other news, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the sale, the director now owns 1,670 shares in the company, valued at $608,781.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the transaction, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the sale, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The disclosure for this sale can be found here. 0.66% of the stock is owned by insiders.

Hubbell Stock Performance

Shares of HUBB stock opened at $426.01 on Friday. The business has a fifty day moving average of $381.79 and a 200 day moving average of $388.65. Hubbell Incorporated has a 1 year low of $248.37 and a 1 year high of $429.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13. The firm has a market capitalization of $22.87 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. Hubbell’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.07 EPS. As a group, research analysts expect that Hubbell Incorporated will post 16.45 earnings per share for the current year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Friday, August 30th. Hubbell’s payout ratio is 36.39%.

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.