Cadinha & Co. LLC Sells 43,005 Shares of Hubbell Incorporated (NYSE:HUBB)

Cadinha & Co. LLC lowered its stake in Hubbell Incorporated (NYSE:HUBB) by 93.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,929 shares of the industrial products company’s stock after selling 43,005 shares during the quarter. Cadinha & Co. LLC’s holdings in Hubbell were worth $969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in HUBB. Versant Capital Management Inc boosted its position in shares of Hubbell by 597.5% during the 1st quarter. Versant Capital Management Inc now owns 551 shares of the industrial products company’s stock valued at $182,000 after acquiring an additional 472 shares during the last quarter. Boston Common Asset Management LLC bought a new stake in shares of Hubbell during the 1st quarter valued at about $3,264,000. Insight Wealth Strategies LLC boosted its position in shares of Hubbell by 16.7% during the 1st quarter. Insight Wealth Strategies LLC now owns 11,901 shares of the industrial products company’s stock valued at $3,938,000 after acquiring an additional 1,699 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Hubbell by 49.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 341 shares of the industrial products company’s stock valued at $113,000 after acquiring an additional 113 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Hubbell by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 81,619 shares of the industrial products company’s stock valued at $34,189,000 after acquiring an additional 980 shares during the last quarter. Institutional investors own 88.16% of the company’s stock.

Hubbell Price Performance

HUBB opened at $397.41 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. Hubbell Incorporated has a 52-week low of $299.43 and a 52-week high of $481.35. The stock has a market capitalization of $21.21 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97. The stock’s 50 day moving average price is $356.40 and its 200-day moving average price is $393.83.

Hubbell (NYSE:HUBB) last posted its earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.73 by ($0.23). Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period last year, the firm posted $3.60 earnings per share. Hubbell’s quarterly revenue was down 2.4% on a year-over-year basis. On average, equities research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell announced that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.33%. Hubbell’s dividend payout ratio (DPR) is presently 35.72%.

Insider Activity

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the business’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the sale, the director now directly owns 1,727 shares of the company’s stock, valued at approximately $667,122.83. The trade was a 18.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gerben Bakker sold 7,723 shares of the business’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the completion of the sale, the chief executive officer now directly owns 82,101 shares in the company, valued at $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Barclays dropped their price target on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Wall Street Zen downgraded Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. lifted their price target on Hubbell from $352.00 to $417.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $457.50.

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.