Envestnet Asset Management Inc. Cuts Stock Holdings in Hubbell Inc (NYSE:HUBB)

Envestnet Asset Management Inc. lowered its stake in shares of Hubbell Inc (NYSE:HUBB) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,994 shares of the industrial products company’s stock after selling 3,357 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of Hubbell worth $25,478,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Hubbell in the fourth quarter worth $195,218,000. Marshall Wace LLP boosted its stake in shares of Hubbell by 418.1% in the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company’s stock valued at $128,620,000 after purchasing an additional 247,786 shares during the period. Bain Capital Public Equity Management II LLC purchased a new position in shares of Hubbell in the fourth quarter valued at $95,868,000. GAMMA Investing LLC boosted its stake in shares of Hubbell by 52,429.8% in the first quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company’s stock valued at $636,200,000 after purchasing an additional 191,893 shares during the period. Finally, PointState Capital LP purchased a new position in shares of Hubbell in the fourth quarter valued at $78,443,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Stock Performance

HUBB stock opened at $414.78 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.73 and a current ratio of 1.17. The stock has a market cap of $22.14 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.45 and a beta of 0.99. The firm has a 50 day simple moving average of $395.33 and a 200 day simple moving average of $382.70. Hubbell Inc has a 52 week low of $299.43 and a 52 week high of $481.35.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing the consensus estimate of $3.73 by ($0.23). The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.39 billion. Hubbell had a net margin of 14.29% and a return on equity of 27.68%. Hubbell’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.60 EPS. Research analysts anticipate that Hubbell Inc will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Friday, May 30th. Hubbell’s dividend payout ratio is 35.72%.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays increased their price objective on shares of Hubbell from $414.00 to $420.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price objective on shares of Hubbell from $352.00 to $417.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Wells Fargo & Company set a $420.00 price target on shares of Hubbell and gave the stock an “equal weight” rating in a research report on Tuesday, July 1st. Finally, Wall Street Zen downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell presently has a consensus rating of “Hold” and a consensus target price of $456.25.

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.