Envestnet Asset Management Inc. Acquires 5,037 Shares of Hubbell Incorporated (NYSE:HUBB)

Envestnet Asset Management Inc. lifted its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 7.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,492 shares of the industrial products company’s stock after purchasing an additional 5,037 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of Hubbell worth $25,398,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Meeder Advisory Services Inc. increased its stake in Hubbell by 23.9% in the second quarter. Meeder Advisory Services Inc. now owns 1,011 shares of the industrial products company’s stock valued at $370,000 after acquiring an additional 195 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Hubbell by 12.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 111,669 shares of the industrial products company’s stock valued at $41,172,000 after acquiring an additional 12,442 shares during the last quarter. PFG Advisors increased its stake in Hubbell by 115.9% in the second quarter. PFG Advisors now owns 7,298 shares of the industrial products company’s stock valued at $2,667,000 after acquiring an additional 3,917 shares during the last quarter. Forsta AP Fonden increased its stake in Hubbell by 11.5% in the second quarter. Forsta AP Fonden now owns 25,300 shares of the industrial products company’s stock valued at $9,247,000 after acquiring an additional 2,600 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its stake in Hubbell by 0.3% in the second quarter. Bahl & Gaynor Inc. now owns 139,754 shares of the industrial products company’s stock valued at $51,077,000 after acquiring an additional 351 shares during the last quarter. 88.16% of the stock is owned by institutional investors.

Insider Activity at Hubbell

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

Hubbell Price Performance

Shares of NYSE:HUBB opened at $426.01 on Friday. The firm has a market cap of $22.87 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90. The firm’s fifty day moving average is $381.79 and its 200-day moving average is $388.71. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. Hubbell Incorporated has a 52 week low of $248.37 and a 52 week high of $429.61.

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

Hubbell Dividend Announcement

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

Analysts Set New Price Targets

HUBB has been the topic of a number of recent analyst reports. Stephens reissued an “overweight” rating and issued a $450.00 price objective on shares of Hubbell in a research note on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Hubbell in a research note on Friday, September 6th. They set an “equal weight” rating and a $407.00 target price on the stock. Barclays decreased their target price on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and boosted their target price for the stock from $431.00 to $441.00 in a research note on Friday, September 6th. Finally, Wells Fargo & Company boosted their target price on shares of Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $404.88.

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.