Meiji Yasuda Asset Management Co Ltd. Reduces Holdings in Hubbell Incorporated (NYSE:HUBB)

Meiji Yasuda Asset Management Co Ltd. lowered its stake in Hubbell Incorporated (NYSE:HUBB - Free Report) by 87.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 760 shares of the industrial products company's stock after selling 5,330 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Hubbell were worth $278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Nvwm LLC purchased a new position in Hubbell in the first quarter valued at $25,000. EverSource Wealth Advisors LLC increased its holdings in shares of Hubbell by 1,850.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 78 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 74 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Hubbell during the 4th quarter worth about $40,000. Riverview Trust Co purchased a new stake in Hubbell during the first quarter worth approximately $52,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Hubbell during the first quarter worth approximately $56,000. Hedge funds and other institutional investors own 88.16% of the company's stock.

Hubbell Price Performance

HUBB traded up $3.47 on Friday, hitting $426.01. 690,423 shares of the company were exchanged, compared to its average volume of 455,555. The business's fifty day moving average is $381.79 and its 200 day moving average is $388.71. Hubbell Incorporated has a fifty-two week low of $248.37 and a fifty-two week high of $429.61. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. The firm has a market capitalization of $22.87 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.90.

Hubbell (NYSE:HUBB - Get Free Report) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 28.98% and a net margin of 13.14%. Hubbell's revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.07 earnings per share. As a group, sell-side analysts anticipate that Hubbell Incorporated will post 16.45 EPS for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.15%. Hubbell's dividend payout ratio (DPR) is 36.39%.

Insider Activity

In other news, Director Carlos M. Cardoso sold 450 shares of the 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 transaction, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now directly owns 1,670 shares of the company's stock, valued at approximately $608,781.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gerben Bakker sold 15,677 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 66,415 shares of the company's stock, valued at approximately $24,861,791.10. The disclosure for this sale can be found here. Company insiders own 0.66% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on HUBB shares. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a "hold" rating to a "buy" rating and lifted their price target for the stock from $431.00 to $441.00 in a research note on Friday, September 6th. Wells Fargo & Company boosted their target price on Hubbell from $397.00 to $400.00 and gave the company an "equal weight" rating in a report on Wednesday, July 31st. Stephens reaffirmed an "overweight" rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Barclays decreased their price objective on Hubbell from $384.00 to $368.00 and set an "equal weight" rating for the company in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Hubbell from $383.00 to $385.00 and gave the company an "overweight" rating in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $404.88.

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.