PNC Financial Services Group Inc. Has $148.54 Million Holdings in Hubbell Incorporated (NYSE:HUBB)

PNC Financial Services Group Inc. lowered its stake in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 2.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 346,781 shares of the industrial products company's stock after selling 9,231 shares during the period. PNC Financial Services Group Inc. owned approximately 0.65% of Hubbell worth $148,544,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Ashton Thomas Securities LLC bought a new stake in Hubbell in the 3rd quarter valued at $41,000. Quarry LP acquired a new stake in shares of Hubbell during the 2nd quarter valued at about $49,000. Northwest Investment Counselors LLC bought a new stake in Hubbell in the third quarter valued at about $58,000. GAMMA Investing LLC raised its position in Hubbell by 84.7% in the third quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company's stock worth $67,000 after purchasing an additional 72 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in Hubbell during the second quarter worth about $62,000. Institutional investors own 88.16% of the company's stock.

Insider Activity at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the firm's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the sale, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.78% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HUBB. StockNews.com upgraded Hubbell from a "hold" rating to a "buy" rating in a research note on Thursday, November 14th. Sanford C. Bernstein assumed coverage on shares of Hubbell in a report on Tuesday, November 5th. They issued an "outperform" rating and a $535.00 target price on the stock. Barclays lifted their price target on shares of Hubbell from $400.00 to $402.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of Hubbell from $445.00 to $455.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a "hold" rating to a "buy" rating and lifted their target price for the company from $431.00 to $441.00 in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $445.56.

Hubbell Trading Down 1.5 %

HUBB stock traded down $6.79 during midday trading on Wednesday, reaching $445.58. The stock had a trading volume of 381,300 shares, compared to its average volume of 444,409. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. Hubbell Incorporated has a twelve month low of $293.91 and a twelve month high of $481.35. The firm has a market cap of $23.91 billion, a price-to-earnings ratio of 32.58, a PEG ratio of 1.63 and a beta of 0.90. The business has a fifty day simple moving average of $437.86 and a two-hundred day simple moving average of $401.00.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings data 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. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the business posted $3.95 EPS. The firm's revenue was up 4.9% compared to the same quarter last year. As a group, research analysts expect that Hubbell Incorporated will post 16.47 EPS for the current fiscal year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a yield of 1.18%. This is an increase from Hubbell's previous quarterly dividend of $1.22. Hubbell's dividend payout ratio is 35.16%.

Hubbell Company 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.