Point72 Asset Management L.P. Sells 26,468 Shares of Hubbell Incorporated (NYSE:HUBB)

Point72 Asset Management L.P. lessened its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 8.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 269,836 shares of the industrial products company's stock after selling 26,468 shares during the period. Point72 Asset Management L.P. owned about 0.50% of Hubbell worth $98,620,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Hubbell by 60.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,271 shares of the industrial products company's stock worth $3,754,000 after acquiring an additional 3,869 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Hubbell during the second quarter worth $9,288,000. Bank of Montreal Can grew its holdings in shares of Hubbell by 0.7% during the second quarter. Bank of Montreal Can now owns 229,743 shares of the industrial products company's stock worth $87,344,000 after purchasing an additional 1,593 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Hubbell by 78.6% in the second quarter. Public Sector Pension Investment Board now owns 2,048 shares of the industrial products company's stock valued at $749,000 after buying an additional 901 shares in the last quarter. Finally, Fairscale Capital LLC bought a new position in shares of Hubbell in the second quarter valued at about $114,000. Institutional investors own 88.16% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Hubbell from $383.00 to $385.00 and gave the stock an "overweight" rating in a report on Wednesday, July 31st. Stephens reissued an "overweight" rating and issued a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Morgan Stanley started coverage on Hubbell in a report on Friday, September 6th. They set an "equal weight" rating and a $407.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded Hubbell from a "hold" rating to a "buy" rating and boosted their target price for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. Finally, Wells Fargo & Company raised their price target on Hubbell from $397.00 to $400.00 and gave the company an "equal weight" rating in a report on Wednesday, July 31st. Four 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $404.88.

Insider Buying and Selling

In related news, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the transaction, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Gerben Bakker sold 15,677 shares of the company'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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares in the company, valued at approximately $608,781.80. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

Hubbell Trading Down 0.5 %

NYSE:HUBB traded down $1.99 during mid-day trading on Wednesday, hitting $422.87. The company had a trading volume of 218,661 shares, compared to its average volume of 452,490. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. Hubbell Incorporated has a fifty-two week low of $248.37 and a fifty-two week high of $433.03. The firm has a market cap of $22.70 billion, a P/E ratio of 31.68, a P/E/G ratio of 1.56 and a beta of 0.90. The business's fifty day moving average is $383.50 and its two-hundred day moving average is $389.18.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm earned $4.07 EPS. Hubbell's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, research analysts expect that Hubbell Incorporated will post 16.45 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Friday, August 30th. Hubbell's dividend payout ratio is 36.39%.

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.