Insider Selling: Hubbell Incorporated (HUBB) Chairman Sells 12,076 Shares of Stock

Hubbell Incorporated (NYSE:HUBB) Chairman David G. Nord sold 12,076 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $133.76, for a total value of $1,615,285.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of Hubbell Incorporated (NYSE:HUBB) traded up $2.19 on Wednesday, hitting $135.77. The stock had a trading volume of 321,074 shares, compared to its average volume of 401,357. Hubbell Incorporated has a 12-month low of $109.32 and a 12-month high of $149.03. The company has a market capitalization of $7,380.00 and a PE ratio of 30.77. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.37 and a current ratio of 2.27.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $1.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.12. Hubbell had a return on equity of 20.16% and a net margin of 6.63%. The firm had revenue of $917.70 million for the quarter, compared to analysts’ expectations of $901.23 million. During the same period in the prior year, the business posted $1.35 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis. equities analysts expect that Hubbell Incorporated will post 7.2 earnings per share for the current year.

Hubbell announced that its Board of Directors has authorized a stock buyback plan on Friday, October 20th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th will be given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, February 27th. Hubbell’s dividend payout ratio is presently 70.16%.

A number of brokerages recently issued reports on HUBB. Wolfe Research upgraded Hubbell from a “market perform” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Friday, February 9th. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research note on Thursday, February 1st. Morgan Stanley boosted their price objective on Hubbell from $134.00 to $153.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. Oppenheimer restated a “buy” rating and issued a $160.00 price objective on shares of Hubbell in a research note on Tuesday, January 30th. Finally, JPMorgan Chase & Co. upgraded Hubbell from a “neutral” rating to an “overweight” rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $153.60.

Several institutional investors and hedge funds have recently made changes to their positions in HUBB. Dimensional Fund Advisors LP increased its position in shares of Hubbell by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 349,731 shares of the industrial products company’s stock valued at $39,578,000 after buying an additional 10,021 shares during the period. Stifel Financial Corp increased its position in shares of Hubbell by 27.3% during the second quarter. Stifel Financial Corp now owns 9,202 shares of the industrial products company’s stock valued at $1,042,000 after buying an additional 1,971 shares during the period. HighTower Advisors LLC increased its position in shares of Hubbell by 41.0% during the second quarter. HighTower Advisors LLC now owns 2,745 shares of the industrial products company’s stock valued at $312,000 after buying an additional 798 shares during the period. Janus Henderson Group PLC increased its position in shares of Hubbell by 41.0% during the second quarter. Janus Henderson Group PLC now owns 192,236 shares of the industrial products company’s stock valued at $21,752,000 after buying an additional 55,900 shares during the period. Finally, State Street Corp increased its position in shares of Hubbell by 2.7% during the second quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock valued at $162,771,000 after buying an additional 37,792 shares during the period. Hedge funds and other institutional investors own 85.04% of the company’s stock.

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About Hubbell

Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.

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