PNC Financial Services Group Inc. Sells 9,231 Shares of Hubbell Incorporated (NYSE:HUBB)

PNC Financial Services Group Inc. decreased its stake in Hubbell Incorporated (NYSE:HUBB) by 2.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 346,781 shares of the industrial products company’s stock after selling 9,231 shares during the period. PNC Financial Services Group Inc. owned 0.65% of Hubbell worth $148,544,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in HUBB. Mizuho Securities USA LLC raised its position in shares of Hubbell by 192,421.1% in the third quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after purchasing an additional 7,975,855 shares during the period. Bank of New York Mellon Corp raised its position in shares of Hubbell by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after purchasing an additional 291,850 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Hubbell by 16.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock valued at $821,989,000 after purchasing an additional 286,134 shares during the period. International Assets Investment Management LLC raised its position in shares of Hubbell by 42,735.0% in the third quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company’s stock valued at $8,223,740,000 after purchasing an additional 1,915,383 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Hubbell by 3.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,335,218 shares of the industrial products company’s stock valued at $487,995,000 after purchasing an additional 46,813 shares during the period. Institutional investors own 88.16% of the company’s stock.

Hubbell Trading Up 1.6 %

Shares of HUBB opened at $452.22 on Wednesday. The stock has a market capitalization of $24.27 billion, a P/E ratio of 32.58, a PEG ratio of 1.63 and a beta of 0.90. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $436.41 and a two-hundred day simple moving average of $400.49. Hubbell Incorporated has a twelve month low of $293.91 and a twelve month high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly 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. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company posted $3.95 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, research analysts anticipate that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The business also recently disclosed 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 is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a yield of 1.17%. Hubbell’s dividend payout ratio is 35.16%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on HUBB shares. Mizuho boosted their price target on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Stephens reaffirmed an “overweight” rating and set a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and boosted their price target for the stock from $431.00 to $441.00 in a research note on Friday, September 6th. Finally, StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell currently has a consensus rating of “Moderate Buy” and an average target price of $445.56.

Insiders Place Their Bets

In related news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction dated Thursday, November 7th. The shares were 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 directly owns 2,957 shares in the company, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.78% of the company’s stock.

Hubbell Company 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.