Covea Finance Has $39.27 Million Holdings in Hubbell Incorporated (NYSE:HUBB)

Covea Finance reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 5.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 93,750 shares of the industrial products company's stock after selling 5,450 shares during the quarter. Hubbell makes up approximately 1.8% of Covea Finance's portfolio, making the stock its 16th largest position. Covea Finance owned about 0.17% of Hubbell worth $39,271,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. LGT Capital Partners LTD. acquired a new stake in shares of Hubbell during the 3rd quarter valued at about $39,687,000. Principal Financial Group Inc. lifted its stake in Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company's stock valued at $98,187,000 after acquiring an additional 15,215 shares during the last quarter. Impax Asset Management Group plc lifted its stake in Hubbell by 30.3% in the third quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company's stock valued at $514,377,000 after acquiring an additional 279,654 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Hubbell in the third quarter worth approximately $757,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Hubbell during the 2nd quarter worth $2,915,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HUBB shares. Morgan Stanley lifted their price objective on shares of Hubbell from $407.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. Barclays boosted their price target on Hubbell from $402.00 to $475.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. Wells Fargo & Company lowered their price objective on Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Sanford C. Bernstein started coverage on Hubbell in a report on Tuesday, November 5th. They issued an "outperform" rating and a $535.00 target price for the company. Finally, JPMorgan Chase & Co. downgraded Hubbell from an "overweight" rating to a "neutral" rating and increased their price target for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $471.50.

Hubbell Stock Performance

Shares of HUBB traded down $0.03 during mid-day trading on Wednesday, hitting $428.18. The company's stock had a trading volume of 704,578 shares, compared to its average volume of 461,498. The stock's 50-day moving average is $443.81 and its two-hundred day moving average is $416.35. The firm has a market capitalization of $22.98 billion, a PE ratio of 30.85, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. Hubbell Incorporated has a one year low of $319.06 and a one year high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business's quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $3.95 EPS. As a group, sell-side analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.23%. This is a positive change from Hubbell's previous quarterly dividend of $1.22. The ex-dividend date of this dividend was Friday, November 29th. Hubbell's payout ratio is currently 38.04%.

Insiders Place Their Bets

In related news, insider Mark Eugene Mikes sold 1,144 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the transaction, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.66% of the company's stock.

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.