Agate Pass Investment Management LLC Reduces Stock Position in Hubbell Incorporated (NYSE:HUBB)

Agate Pass Investment Management LLC cut its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,283 shares of the industrial products company’s stock after selling 194 shares during the period. Hubbell accounts for approximately 1.4% of Agate Pass Investment Management LLC’s portfolio, making the stock its 23rd largest holding. Agate Pass Investment Management LLC’s holdings in Hubbell were worth $3,051,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Acadian Asset Management LLC raised its position in shares of Hubbell by 51.3% during the 2nd quarter. Acadian Asset Management LLC now owns 3,693 shares of the industrial products company’s stock valued at $1,347,000 after buying an additional 1,252 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Hubbell in the second quarter valued at approximately $62,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Hubbell by 12.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 111,669 shares of the industrial products company’s stock worth $41,172,000 after purchasing an additional 12,442 shares during the period. Meeder Advisory Services Inc. grew its stake in shares of Hubbell by 23.9% in the second quarter. Meeder Advisory Services Inc. now owns 1,011 shares of the industrial products company’s stock worth $370,000 after purchasing an additional 195 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Hubbell by 7.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 69,492 shares of the industrial products company’s stock worth $25,398,000 after buying an additional 5,037 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

HUBB has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and lowered their price objective for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Morgan Stanley raised their target price on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Barclays boosted their price target on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $471.50.

Insider Activity

In related news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the sale, the insider now owns 2,957 shares in the company, valued at approximately $1,378,553.40. The trade was a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Performance

Shares of NYSE HUBB traded down $2.89 during midday trading on Monday, hitting $417.36. 296,639 shares of the company’s stock traded hands, compared to its average volume of 356,852. 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 stock has a market capitalization of $22.40 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93. The firm has a fifty day moving average of $445.06 and a 200 day moving average of $415.49. Hubbell Incorporated has a 1 year low of $319.06 and a 1 year high of $481.35.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, beating the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. Hubbell’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $3.95 earnings per share. On average, analysts forecast that Hubbell Incorporated will post 16.47 earnings per share for the current year.

Hubbell Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $1.32 dividend. The ex-dividend date of this dividend was Friday, November 29th. 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 yield of 1.27%. Hubbell’s payout ratio is currently 38.04%.

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.