Victory Capital Management Inc. Sells 12,690 Shares of Hubbell Incorporated (NYSE:HUBB)

Victory Capital Management Inc. decreased its holdings in Hubbell Incorporated (NYSE:HUBB) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 316,641 shares of the industrial products company’s stock after selling 12,690 shares during the period. Victory Capital Management Inc. owned 0.59% of Hubbell worth $135,633,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its stake in Hubbell by 32.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 1,629 shares of the industrial products company’s stock worth $676,000 after purchasing an additional 395 shares during the last quarter. Empowered Funds LLC acquired a new position in Hubbell during the 1st quarter valued at approximately $327,000. Oppenheimer Asset Management Inc. raised its stake in shares of Hubbell by 5.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 968 shares of the industrial products company’s stock worth $402,000 after purchasing an additional 52 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Hubbell in the 1st quarter valued at $664,000. Finally, Concurrent Investment Advisors LLC grew its position in Hubbell by 4.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 1,126 shares of the industrial products company’s stock worth $467,000 after purchasing an additional 44 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Performance

NYSE:HUBB opened at $452.03 on Wednesday. Hubbell Incorporated has a 1-year low of $286.49 and a 1-year high of $481.35. The firm has a 50-day moving average of $429.31 and a two-hundred day moving average of $398.40. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market cap of $24.26 billion, a P/E ratio of 32.57, a PEG ratio of 1.73 and a beta of 0.90.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the firm posted $3.95 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, research analysts expect that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $1.32 dividend. The ex-dividend date is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.17%. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio is currently 35.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on HUBB shares. JPMorgan Chase & Co. cut shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Mizuho boosted their price objective on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Stephens reissued an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research note on Friday, August 2nd. Sanford C. Bernstein initiated coverage on Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective for the company. Finally, Morgan Stanley upped their price target on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell currently has an average rating of “Moderate Buy” and a consensus price target of $445.56.

Insider Activity

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $1,378,553.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.78% of the stock is currently owned by company insiders.

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.