MAI Capital Management Reduces Holdings in Hubbell Incorporated (NYSE:HUBB)

MAI Capital Management trimmed its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 49.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,432 shares of the industrial products company's stock after selling 1,382 shares during the period. MAI Capital Management's holdings in Hubbell were worth $613,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in Hubbell in the 3rd quarter valued at $41,000. Quarry LP acquired a new stake in shares of Hubbell in the 2nd quarter worth $49,000. Northwest Investment Counselors LLC purchased a new stake in shares of Hubbell in the third quarter valued at about $58,000. Ashton Thomas Private Wealth LLC purchased a new position in Hubbell during the second quarter worth about $62,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of Hubbell by 23.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 184 shares of the industrial products company's stock worth $67,000 after buying 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 at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the transaction, the insider now owns 2,957 shares in the company, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HUBB. Mizuho increased their price objective on Hubbell from $450.00 to $490.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Morgan Stanley increased their price target on shares of Hubbell from $407.00 to $445.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Sanford C. Bernstein began coverage on shares of Hubbell in a report on Tuesday, November 5th. They set an "outperform" rating and a $535.00 price objective on the stock. JPMorgan Chase & Co. cut shares of Hubbell from an "overweight" rating to a "neutral" rating and increased their target price for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Finally, Stephens reiterated an "overweight" rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Hubbell has a consensus rating of "Moderate Buy" and a consensus target price of $445.56.

Hubbell Price Performance

Shares of HUBB stock traded up $4.33 during trading hours on Friday, hitting $460.81. The company's stock had a trading volume of 343,665 shares, compared to its average volume of 481,475. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $441.22 and a 200-day moving average of $402.22. Hubbell Incorporated has a twelve month low of $293.91 and a twelve month high of $481.35. The stock has a market cap of $24.73 billion, a price-to-earnings ratio of 33.20, a P/E/G ratio of 1.70 and a beta of 0.90.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, topping the consensus estimate of $4.47 by $0.02. The firm had revenue of $1.44 billion during 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%. Hubbell's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.95 earnings per share. As a group, equities research analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company 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. The ex-dividend date is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a yield of 1.15%. This is a boost from Hubbell's previous quarterly dividend of $1.22. Hubbell's dividend payout ratio (DPR) is presently 35.16%.

Hubbell 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.