ING Groep NV Has $2.22 Million Stock Position in Hubbell Incorporated (NYSE:HUBB)

ING Groep NV trimmed its stake in Hubbell Incorporated (NYSE:HUBB) by 57.6% in the third quarter, Holdings Channel.com reports. The firm owned 5,179 shares of the industrial products company’s stock after selling 7,045 shares during the quarter. ING Groep NV’s holdings in Hubbell were worth $2,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Metis Global Partners LLC boosted its holdings in Hubbell by 52.7% in the third quarter. Metis Global Partners LLC now owns 2,578 shares of the industrial products company’s stock worth $1,104,000 after purchasing an additional 890 shares in the last quarter. Curi RMB Capital LLC raised its holdings in Hubbell by 3.5% in the 3rd quarter. Curi RMB Capital LLC now owns 22,234 shares of the industrial products company’s stock valued at $9,524,000 after acquiring an additional 746 shares in the last quarter. Huntington National Bank raised its stake in shares of Hubbell by 11.4% in the third quarter. Huntington National Bank now owns 860 shares of the industrial products company’s stock valued at $368,000 after purchasing an additional 88 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Hubbell during the 3rd quarter worth about $255,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in Hubbell by 37.0% during the third quarter. Oppenheimer Asset Management Inc. now owns 1,321 shares of the industrial products company’s stock worth $566,000 after purchasing an additional 357 shares during the period. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Insiders Place Their Bets

In related news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the sale, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HUBB. Sanford C. Bernstein began coverage on shares of Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and upped their target price for the company from $431.00 to $441.00 in a research report on Friday, September 6th. Stephens restated an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Mizuho increased their price target on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $445.56.

Hubbell Price Performance

Hubbell stock opened at $437.61 on Friday. The stock has a 50-day moving average price of $435.08 and a two-hundred day moving average price of $399.60. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. Hubbell Incorporated has a 12 month low of $287.06 and a 12 month high of $481.35. The company has a market capitalization of $23.49 billion, a PE ratio of 31.53, a P/E/G ratio of 1.69 and a beta of 0.90.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.02. The business had revenue of $1.44 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.95 earnings per share. Analysts expect that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.32 per share. This is a boost from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Friday, November 29th. Hubbell’s dividend payout ratio (DPR) is currently 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.