Principal Financial Group Inc. Sells 9,050 Shares of Hubbell Inc $HUBB

Principal Financial Group Inc. decreased its holdings in Hubbell Inc (NYSE:HUBB) by 4.4% in the third quarter, Holdings Channel.com reports. The firm owned 198,675 shares of the industrial products company’s stock after selling 9,050 shares during the period. Principal Financial Group Inc.’s holdings in Hubbell were worth $85,496,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in HUBB. Vanguard Group Inc. boosted its position in Hubbell by 0.3% during the second quarter. Vanguard Group Inc. now owns 6,646,922 shares of the industrial products company’s stock valued at $2,714,669,000 after buying an additional 21,508 shares during the period. State Street Corp boosted its holdings in Hubbell by 1.2% during the 2nd quarter. State Street Corp now owns 2,183,405 shares of the industrial products company’s stock valued at $891,724,000 after acquiring an additional 26,708 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Hubbell by 15.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,655,746 shares of the industrial products company’s stock valued at $712,484,000 after acquiring an additional 226,856 shares during the period. Invesco Ltd. increased its stake in Hubbell by 0.6% in the 2nd quarter. Invesco Ltd. now owns 1,532,035 shares of the industrial products company’s stock worth $625,698,000 after purchasing an additional 9,697 shares during the period. Finally, Geode Capital Management LLC increased its stake in Hubbell by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,353,824 shares of the industrial products company’s stock worth $550,571,000 after purchasing an additional 24,110 shares during the period. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Trading Up 1.7%

NYSE:HUBB opened at $496.25 on Tuesday. The company has a 50-day moving average price of $458.74 and a 200-day moving average price of $443.03. The stock has a market cap of $26.38 billion, a price-to-earnings ratio of 30.78, a P/E/G ratio of 2.47 and a beta of 1.02. The company has a current ratio of 1.36, a quick ratio of 0.85 and a debt-to-equity ratio of 0.28. Hubbell Inc has a 12 month low of $299.42 and a 12 month high of $501.32.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, February 27th. Hubbell’s payout ratio is presently 35.24%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wall Street Zen raised Hubbell from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings reissued a “buy (b-)” rating on shares of Hubbell in a report on Thursday, January 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Hubbell from $417.00 to $458.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Morgan Stanley set a $515.00 price objective on shares of Hubbell in a research note on Wednesday, January 7th. Finally, Wells Fargo & Company increased their target price on shares of Hubbell from $500.00 to $515.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $497.25.

Insider Activity at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 2,470 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $466.50, for a total transaction of $1,152,255.00. Following the transaction, the insider owned 4,785 shares in the company, valued at approximately $2,232,202.50. This represents a 34.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John F. Malloy bought 435 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was purchased at an average cost of $429.24 per share, with a total value of $186,719.40. Following the transaction, the director directly owned 19,085 shares in the company, valued at approximately $8,192,045.40. This represents a 2.33% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.76% of the company’s stock.

Hubbell Profile

Hubbell Incorporated (NYSE: HUBB) is an industrial manufacturer and distributor of electrical and electronic products serving a range of end markets including commercial and residential construction, industrial, and utility customers. Founded in 1888 by Harvey Hubbell, the company has a long history in electrical innovation and product development and is headquartered in Connecticut. Hubbell designs, manufactures and sells components and systems that enable the distribution and control of electrical power and provide lighting solutions for indoor and outdoor environments.

The company’s offerings span a broad portfolio of products used by contractors, utilities, original equipment manufacturers and facility owners.