Comerica Bank Sells 350 Shares of Hubbell Incorporated (NYSE:HUBB)

Posted by Defense World Staff on Apr 12th, 2023

Comerica Bank trimmed its holdings in shares of Hubbell Incorporated (NYSE:HUBB – Get Rating) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,187 shares of the industrial products company’s stock after selling 350 shares during the quarter. Comerica Bank’s holdings in Hubbell were worth $5,563,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of HUBB. Price T Rowe Associates Inc. MD increased its holdings in Hubbell by 69.4% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 4,870,982 shares of the industrial products company’s stock valued at $1,086,230,000 after buying an additional 1,995,155 shares during the period. Wellington Management Group LLP increased its holdings in Hubbell by 133.8% in the 1st quarter. Wellington Management Group LLP now owns 1,543,481 shares of the industrial products company’s stock valued at $283,646,000 after buying an additional 883,272 shares during the period. Scout Investments Inc. increased its holdings in Hubbell by 118.7% in the 4th quarter. Scout Investments Inc. now owns 301,556 shares of the industrial products company’s stock valued at $70,769,000 after buying an additional 163,691 shares during the period. ExodusPoint Capital Management LP increased its holdings in Hubbell by 161.8% in the 3rd quarter. ExodusPoint Capital Management LP now owns 243,158 shares of the industrial products company’s stock valued at $54,224,000 after buying an additional 150,269 shares during the period. Finally, Prudential Financial Inc. increased its holdings in Hubbell by 1,817.2% in the 1st quarter. Prudential Financial Inc. now owns 143,443 shares of the industrial products company’s stock valued at $26,361,000 after buying an additional 135,961 shares during the period. 89.71% of the stock is owned by institutional investors.

Hubbell Trading Up 0.0 %

HUBB opened at $224.53 on Wednesday. The company’s 50 day moving average is $241.54 and its 200-day moving average is $238.39. The company has a current ratio of 1.86, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. Hubbell Incorporated has a 1-year low of $170.21 and a 1-year high of $263.30. The company has a market cap of $12.03 billion, a P/E ratio of 21.57, a PEG ratio of 1.96 and a beta of 1.00.

Hubbell (NYSE:HUBB – Get Rating) last posted its earnings results on Tuesday, January 31st. The industrial products company reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.19. Hubbell had a net margin of 11.40% and a return on equity of 25.03%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the firm posted $2.07 EPS. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. Equities research analysts predict that Hubbell Incorporated will post 11.27 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th were issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Monday, February 27th. Hubbell’s payout ratio is 43.04%.

Insiders Place Their Bets

In other Hubbell news, CEO Gerben Bakker sold 9,350 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $240.80, for a total transaction of $2,251,480.00. Following the sale, the chief executive officer now directly owns 37,801 shares of the company’s stock, valued at approximately $9,102,480.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

HUBB has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised shares of Hubbell from an “underweight” rating to a “neutral” rating and raised their target price for the company from $200.00 to $205.00 in a report on Wednesday, February 1st. Morgan Stanley raised their target price on shares of Hubbell from $226.00 to $238.00 and gave the company an “equal weight” rating in a report on Wednesday, February 1st. StockNews.com started coverage on shares of Hubbell in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. UBS Group downgraded shares of Hubbell from a “neutral” rating to a “sell” rating and reduced their price target for the company from $254.00 to $225.00 in a research note on Wednesday, January 4th. Finally, Wells Fargo & Company raised their price target on shares of Hubbell from $221.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Hubbell currently has a consensus rating of “Hold” and an average price target of $230.00.

Hubbell Company Profile

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Hubbell, Inc engages in the designing, manufacturing, and sale of electrical and electronic products for non-residential and residential construction, industrial, and utility applications. It operates through the Electrical Solutions and Utility Solutions segments. The Electrical Solutions segment manufactures and sells wiring and electrical, lighting fixtures, and controls for indoor and outdoor applications as well as specialty lighting and communications products.