Citigroup Inc. Sells 8,479 Shares of Hubbell Incorporated (NYSE:HUBB)

Citigroup Inc. trimmed its position in Hubbell Incorporated (NYSE:HUBB) by 15.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,170 shares of the industrial products company’s stock after selling 8,479 shares during the period. Citigroup Inc. owned approximately 0.09% of Hubbell worth $19,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of HUBB. Prospera Private Wealth LLC acquired a new stake in Hubbell in the third quarter worth $33,000. Ashton Thomas Securities LLC acquired a new stake in Hubbell during the 3rd quarter worth $41,000. Quarry LP acquired a new stake in Hubbell during the 2nd quarter worth $49,000. Northwest Investment Counselors LLC bought a new position in Hubbell during the third quarter worth about $58,000. Finally, GAMMA Investing LLC increased its holdings in shares of Hubbell by 84.7% in the third quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 72 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.

Hubbell Price Performance

Shares of NYSE HUBB opened at $460.55 on Wednesday. Hubbell Incorporated has a fifty-two week low of $293.91 and a fifty-two week high of $481.35. The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 1.71 and a beta of 0.90. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50-day moving average of $443.30 and a 200-day moving average of $403.08.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.95 EPS. As a group, sell-side analysts predict that Hubbell Incorporated will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is 38.04%.

Insider Transactions at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the transaction, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. The trade was a 27.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

HUBB has been the subject of several research analyst reports. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research report on Monday. Stephens reiterated an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Mizuho raised their price objective on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Sanford C. Bernstein initiated coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, Barclays lifted their price target on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $449.11.

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.