Handelsbanken Fonder AB Cuts Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Handelsbanken Fonder AB cut its position in shares of Hubbell Incorporated (NYSE:HUBB) by 75.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,423 shares of the industrial products company’s stock after selling 40,435 shares during the quarter. Handelsbanken Fonder AB’s holdings in Hubbell were worth $4,442,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Creative Financial Designs Inc. ADV grew its holdings in Hubbell by 85.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 30 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Hubbell in the 4th quarter worth about $30,000. Johnson Financial Group Inc. lifted its position in shares of Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company’s stock worth $44,000 after buying an additional 65 shares during the last quarter. NBC Securities Inc. bought a new stake in Hubbell in the 1st quarter valued at about $49,000. Finally, Venturi Wealth Management LLC lifted its position in Hubbell by 69.7% in the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Stock Performance

HUBB stock opened at $382.01 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $20.39 billion, a price-to-earnings ratio of 26.60, a P/E/G ratio of 1.34 and a beta of 0.99. Hubbell Incorporated has a 12 month low of $299.43 and a 12 month high of $481.35. The firm has a 50 day moving average of $367.69 and a two-hundred day moving average of $389.61.

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

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Friday, May 30th. Hubbell’s payout ratio is 35.72%.

Insider Transactions at Hubbell

In other news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total value of $2,970,497.49. Following the completion of the transaction, the chief executive officer now owns 82,101 shares in the company, valued at approximately $31,578,507.63. This represents a 8.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total transaction of $154,516.00. Following the completion of the transaction, the director now owns 1,727 shares of the company’s stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on HUBB shares. Wall Street Zen downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Barclays lifted their target price on shares of Hubbell from $400.00 to $414.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $459.25.

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.