Sumitomo Mitsui Trust Group Inc. Sells 5,658 Shares of Hubbell Inc $HUBB

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Hubbell Inc (NYSE:HUBB) by 4.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 111,626 shares of the industrial products company’s stock after selling 5,658 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Hubbell were worth $50,634,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Hubbell in the second quarter worth $2,455,986,000. Bank of New York Mellon Corp acquired a new position in shares of Hubbell during the second quarter valued at about $783,142,000. Deutsche Bank AG bought a new position in shares of Hubbell during the 2nd quarter worth about $610,053,000. First Trust Advisors LP boosted its position in shares of Hubbell by 26.9% during the 1st quarter. First Trust Advisors LP now owns 714,287 shares of the industrial products company’s stock worth $350,529,000 after purchasing an additional 151,467 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Hubbell by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 512,643 shares of the industrial products company’s stock valued at $251,531,000 after buying an additional 4,894 shares during the period. 88.16% of the stock is owned by institutional investors.

Insider Transactions at Hubbell

In other Hubbell news, VP Jonathan Del Nero sold 547 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $518.56, for a total value of $283,652.32. Following the completion of the sale, the vice president directly owned 2,933 shares of the company’s stock, valued at approximately $1,520,936.48. This represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on HUBB. Seaport Research Partners reaffirmed a “buy” rating and issued a $580.00 target price on shares of Hubbell in a research report on Wednesday, September 30th. Morgan Stanley set a $600.00 price target on Hubbell in a report on Friday, October 16th. Wall Street Zen cut Hubbell from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Evercore reaffirmed an “outperform” rating and set a $630.00 target price on shares of Hubbell in a research report on Friday, October 9th. Finally, Weiss Ratings cut Hubbell from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $546.00.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $437.72 on Thursday. The company has a current ratio of 1.53, a quick ratio of 0.87 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $457.64 and its two-hundred day simple moving average is $487.21. Hubbell Inc has a 1-year low of $403.82 and a 1-year high of $565.50. The stock has a market cap of $23.13 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 2.14 and a beta of 0.84.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.75 by $0.16. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.85 billion. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.17 EPS. As a group, analysts forecast that Hubbell Inc will post 20.54 EPS for the current fiscal year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $1.52 per share. This represents a $6.08 annualized dividend and a yield of 1.4%. This is a boost from Hubbell’s previous quarterly dividend of $1.42. The ex-dividend date is Monday, November 30th. Hubbell’s dividend payout ratio is presently 35.64%.

Hubbell Profile

Hubbell Incorporated (NYSE:HUBB) is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.

Hubbell’s Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.

Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.