Suncoast Equity Management Decreases Position in Hubbell Incorporated (NYSE:HUBB)

Suncoast Equity Management trimmed its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 3.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,151 shares of the industrial products company’s stock after selling 77 shares during the period. Suncoast Equity Management’s holdings in Hubbell were worth $707,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. International Assets Investment Management LLC grew its position in Hubbell by 32,734.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,472,949 shares of the industrial products company’s stock valued at $484,497,000 after buying an additional 1,468,463 shares during the period. Wellington Management Group LLP boosted its position in shares of Hubbell by 133.8% in the first quarter. Wellington Management Group LLP now owns 1,543,481 shares of the industrial products company’s stock worth $283,646,000 after purchasing an additional 883,272 shares during the period. Norges Bank bought a new position in shares of Hubbell in the fourth quarter worth approximately $90,375,000. Massachusetts Financial Services Co. MA boosted its position in shares of Hubbell by 46.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,020,067 shares of the industrial products company’s stock worth $319,699,000 after purchasing an additional 323,116 shares during the period. Finally, Morgan Stanley boosted its position in shares of Hubbell by 44.1% in the fourth quarter. Morgan Stanley now owns 597,030 shares of the industrial products company’s stock worth $140,111,000 after purchasing an additional 182,790 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on HUBB. Mizuho upped their price target on shares of Hubbell from $370.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Barclays upped their target price on shares of Hubbell from $340.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Hubbell in a research note on Monday, March 11th. They set a “hold” rating and a $427.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on shares of Hubbell from $351.00 to $360.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $383.57.

Insiders Place Their Bets

In other Hubbell news, CFO William R. Sperry sold 14,925 shares of Hubbell stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $352.99, for a total transaction of $5,268,375.75. Following the sale, the chief financial officer now owns 37,848 shares of the company’s stock, valued at approximately $13,359,965.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO William R. Sperry sold 14,925 shares of Hubbell stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $352.99, for a total transaction of $5,268,375.75. Following the transaction, the chief financial officer now owns 37,848 shares in the company, valued at approximately $13,359,965.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gerben Bakker sold 13,355 shares of Hubbell stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total value of $4,716,051.15. Following the transaction, the chief executive officer now owns 51,783 shares in the company, valued at approximately $18,286,130.79. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock valued at $12,065,100 in the last 90 days. 0.78% of the stock is owned by insiders.

Hubbell Stock Performance

Shares of NYSE:HUBB traded down $5.77 during trading on Tuesday, hitting $396.82. 208,528 shares of the stock traded hands, compared to its average volume of 407,737. The company has a quick ratio of 1.01, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a market cap of $21.28 billion, a price-to-earnings ratio of 28.68, a P/E/G ratio of 2.45 and a beta of 0.94. The company has a fifty day moving average price of $388.99 and a two-hundred day moving average price of $337.50. Hubbell Incorporated has a 52-week low of $227.39 and a 52-week high of $429.61.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.58 by $0.11. Hubbell had a net margin of 14.14% and a return on equity of 30.82%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company earned $2.60 EPS. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities analysts predict that Hubbell Incorporated will post 16.43 EPS for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $1.22 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $4.88 dividend on an annualized basis and a yield of 1.23%. Hubbell’s dividend payout ratio is currently 34.73%.

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.