Insider Selling: Hubbell Inc (HUBB) Insider Sells $73,950.60 in Stock
Hubbell Inc (NYSE:HUBB) insider Gerben Bakker sold 590 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $125.34, for a total transaction of $73,950.60. Following the sale, the insider now owns 13,249 shares of the company’s stock, valued at $1,660,629.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Hubbell Inc (HUBB) traded down $1.04 during midday trading on Friday, hitting $125.12. 167,847 shares of the stock traded hands, compared to its average volume of 358,031. The company has a current ratio of 2.28, a quick ratio of 1.43 and a debt-to-equity ratio of 0.59. Hubbell Inc has a twelve month low of $102.41 and a twelve month high of $127.34. The stock has a market capitalization of $6.84 billion and a price-to-earnings ratio of 21.98.
Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The business had revenue of $950.50 million during the quarter, compared to analyst estimates of $960.28 million. During the same quarter last year, the firm posted $1.63 earnings per share. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. analysts forecast that Hubbell Inc will post 5.44 EPS for the current fiscal year.
Hubbell declared that its Board of Directors has initiated a share repurchase program on Friday, October 20th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.77 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $3.08 dividend on an annualized basis and a yield of 2.46%. This is an increase from Hubbell’s previous quarterly dividend of $0.70. Hubbell’s payout ratio is currently 54.05%.
HUBB has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of Hubbell in a research report on Tuesday, July 11th. They set a “market perform” rating for the company. Zacks Investment Research upgraded shares of Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a research report on Wednesday, September 27th. BidaskClub upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $132.00 price target (up from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Hubbell presently has an average rating of “Hold” and a consensus target price of $124.00.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Hubbell by 2.0% in the second quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock worth $514,386,000 after acquiring an additional 89,275 shares during the last quarter. BlackRock Inc. lifted its position in shares of Hubbell by 1.4% during the 2nd quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock worth $484,595,000 after buying an additional 57,699 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Hubbell by 3.8% during the 3rd quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock worth $205,429,000 after buying an additional 64,779 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Hubbell by 7.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,691,911 shares of the industrial products company’s stock worth $191,474,000 after buying an additional 122,855 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Hubbell by 2.7% during the 2nd quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock worth $162,771,000 after buying an additional 37,792 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.
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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