Essex Investment Management Co. LLC Sells 1,756 Shares of Hubbell Incorporated (NYSE:HUBB)

Essex Investment Management Co. LLC lessened its holdings in Hubbell Incorporated (NYSE:HUBB) by 28.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,353 shares of the industrial products company’s stock after selling 1,756 shares during the period. Essex Investment Management Co. LLC’s holdings in Hubbell were worth $1,823,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. LGT Capital Partners LTD. raised its stake in Hubbell by 0.9% in the 4th quarter. LGT Capital Partners LTD. now owns 93,470 shares of the industrial products company’s stock valued at $39,154,000 after acquiring an additional 820 shares during the period. Amundi increased its position in Hubbell by 4.2% during the 4th quarter. Amundi now owns 253,323 shares of the industrial products company’s stock worth $108,766,000 after buying an additional 10,316 shares during the period. Rialto Wealth Management LLC bought a new position in Hubbell during the 4th quarter worth $96,000. HM Payson & Co. increased its position in Hubbell by 6.7% during the 4th quarter. HM Payson & Co. now owns 152,040 shares of the industrial products company’s stock worth $63,688,000 after buying an additional 9,528 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Hubbell by 1.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 350,367 shares of the industrial products company’s stock worth $146,765,000 after buying an additional 3,586 shares during the period. Institutional investors own 88.16% of the company’s stock.

Insider Activity at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Barclays lowered their price objective on Hubbell from $475.00 to $422.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and decreased their price target for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Hubbell has a consensus rating of “Hold” and an average price target of $464.88.

Hubbell Stock Up 2.5 %

Shares of NYSE HUBB opened at $355.05 on Monday. The stock’s fifty day moving average is $406.11 and its 200 day moving average is $423.49. The stock has a market capitalization of $19.05 billion, a P/E ratio of 24.73, a PEG ratio of 1.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. Hubbell Incorporated has a 52 week low of $337.97 and a 52 week high of $481.35.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. Hubbell’s revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $3.69 earnings per share. Sell-side analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is presently 36.77%.

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.