Millennium Management LLC Sells 175,545 Shares of Hubbell Incorporated (NYSE:HUBB)

Millennium Management LLC decreased its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 81.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,036 shares of the industrial products company's stock after selling 175,545 shares during the period. Millennium Management LLC owned about 0.07% of Hubbell worth $14,267,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. CWM LLC increased its stake in shares of Hubbell by 2.2% during the second quarter. CWM LLC now owns 1,319 shares of the industrial products company's stock worth $482,000 after purchasing an additional 28 shares during the period. Meeder Advisory Services Inc. increased its position in Hubbell by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 816 shares of the industrial products company's stock worth $339,000 after acquiring an additional 30 shares during the period. Detalus Advisors LLC raised its stake in Hubbell by 3.0% in the 2nd quarter. Detalus Advisors LLC now owns 1,030 shares of the industrial products company's stock worth $377,000 after purchasing an additional 30 shares in the last quarter. Savant Capital LLC boosted its holdings in Hubbell by 2.6% in the 2nd quarter. Savant Capital LLC now owns 1,205 shares of the industrial products company's stock valued at $440,000 after purchasing an additional 31 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its position 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 purchasing an additional 35 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Trading Up 2.0 %

NYSE HUBB traded up $8.78 on Monday, reaching $438.50. The company had a trading volume of 491,262 shares, compared to its average volume of 448,930. The firm has a market cap of $23.54 billion, a price-to-earnings ratio of 32.61, a P/E/G ratio of 1.56 and a beta of 0.90. Hubbell Incorporated has a fifty-two week low of $248.37 and a fifty-two week high of $439.16. The business has a 50 day moving average of $393.01 and a two-hundred day moving average of $390.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13.

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

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.22 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $4.88 annualized dividend and a yield of 1.11%. Hubbell's payout ratio is 36.39%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HUBB. JPMorgan Chase & Co. increased their target price on Hubbell from $383.00 to $385.00 and gave the stock an "overweight" rating in a report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of Hubbell from $400.00 to $445.00 and gave the company an "equal weight" rating in a research note on Monday. Morgan Stanley initiated coverage on Hubbell in a report on Friday, September 6th. They set an "equal weight" rating and a $407.00 price target for the company. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a "hold" rating to a "buy" rating and increased their target price for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Finally, Stephens reaffirmed an "overweight" rating and set a $450.00 price target on shares of Hubbell in a 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 company. According to MarketBeat, Hubbell presently has an average rating of "Moderate Buy" and a consensus price target of $414.50.

Insider Buying and Selling at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred 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 completion of the sale, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 owns 1,670 shares of the company's stock, valued at $608,781.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 completion of the sale, the chief executive officer now directly owns 66,415 shares of the company's stock, valued at $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

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.