ING Groep NV Decreases Stock Position in Hubbell Incorporated (NYSE:HUBB)

ING Groep NV lowered its position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 57.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,179 shares of the industrial products company's stock after selling 7,045 shares during the quarter. ING Groep NV's holdings in Hubbell were worth $2,218,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in HUBB. Ashton Thomas Securities LLC purchased a new stake in shares of Hubbell in the third quarter valued at approximately $41,000. Quarry LP purchased a new stake in shares of Hubbell during the 2nd quarter worth $49,000. Northwest Investment Counselors LLC acquired a new position in shares of Hubbell during the 3rd quarter worth $58,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Hubbell in the 2nd quarter valued at about $62,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in shares of Hubbell by 23.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 184 shares of the industrial products company's stock valued at $67,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company's stock.

Insider Buying and Selling

In other news, insider Mark Eugene Mikes sold 1,144 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the sale, the insider now owns 2,957 shares in the company, valued at approximately $1,378,553.40. The trade was a 27.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on HUBB shares. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a "hold" rating to a "buy" rating and upped their target price for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. downgraded Hubbell from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Sanford C. Bernstein initiated coverage on Hubbell in a report on Tuesday, November 5th. They set an "outperform" rating and a $535.00 price objective for the company. StockNews.com raised Hubbell from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Wells Fargo & Company lifted their price target on Hubbell from $445.00 to $455.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Hubbell presently has a consensus rating of "Moderate Buy" and a consensus target price of $445.56.

Hubbell Trading Down 0.6 %

HUBB stock traded down $2.48 during midday trading on Friday, hitting $437.61. The stock had a trading volume of 403,882 shares, compared to its average volume of 439,325. Hubbell Incorporated has a 12-month low of $287.06 and a 12-month high of $481.35. The firm has a market cap of $23.49 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 1.63 and a beta of 0.90. The company's 50-day moving average price is $435.08 and its 200 day moving average price is $399.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05.

Hubbell (NYSE:HUBB - Get Free Report) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the firm posted $3.95 earnings per share. The business's quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.21%. This is an increase from Hubbell's previous quarterly dividend of $1.22. The ex-dividend date is Friday, November 29th. Hubbell's payout ratio is presently 35.16%.

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.