Westfield Capital Management Co. LP Cuts Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Westfield Capital Management Co. LP reduced its position in Hubbell Incorporated (NYSE:HUBB) by 30.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 169,852 shares of the industrial products company’s stock after selling 73,876 shares during the period. Westfield Capital Management Co. LP’s holdings in Hubbell were worth $72,756,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Hubbell in the third quarter worth $33,000. Ashton Thomas Securities LLC bought a new stake in Hubbell in the 3rd quarter worth about $41,000. Quarry LP purchased a new position in Hubbell in the 2nd quarter worth about $49,000. Northwest Investment Counselors LLC purchased a new position in Hubbell in the 3rd quarter worth about $58,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Hubbell during the 2nd quarter valued at about $62,000. 88.16% of the stock is owned by institutional investors.

Insider Transactions at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the transaction, the insider now owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Hubbell Price Performance

NYSE HUBB opened at $460.81 on Friday. The business’s fifty day moving average is $441.22 and its 200 day moving average is $402.22. Hubbell Incorporated has a fifty-two week low of $293.91 and a fifty-two week high of $481.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market capitalization of $24.73 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.90.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.95 EPS. Sell-side analysts predict that Hubbell Incorporated will post 16.47 earnings per share for the current 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 $1.32 dividend. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 29th. Hubbell’s dividend payout ratio is presently 35.16%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Sanford C. Bernstein started coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target for the company. Stephens reaffirmed an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Mizuho increased their price target on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Barclays lifted their price objective on Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and increased their target price for the company from $431.00 to $441.00 in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $445.56.

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.