New York State Teachers Retirement System Sells 7,562 Shares of Hubbell Incorporated (NYSE:HUBB)

New York State Teachers Retirement System trimmed its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 11.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,235 shares of the industrial products company’s stock after selling 7,562 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Hubbell worth $20,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HUBB. Cerity Partners LLC bought a new position in shares of Hubbell in the 4th quarter valued at $564,000. Mackenzie Financial Corp increased its stake in shares of Hubbell by 62.5% in the fourth quarter. Mackenzie Financial Corp now owns 4,210 shares of the industrial products company’s stock valued at $1,385,000 after buying an additional 1,619 shares during the period. Federated Hermes Inc. increased its position in Hubbell by 126.5% in the 4th quarter. Federated Hermes Inc. now owns 21,101 shares of the industrial products company’s stock valued at $6,941,000 after acquiring an additional 11,784 shares during the period. J.W. Cole Advisors Inc. acquired a new position in shares of Hubbell in the 4th quarter worth approximately $340,000. Finally, Lindbrook Capital LLC increased its position in Hubbell by 127.5% in the 4th quarter. Lindbrook Capital LLC now owns 91 shares of the industrial products company’s stock valued at $30,000 after buying an additional 51 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.

Insider Activity

In other news, CEO Gerben Bakker sold 15,677 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares of the company’s stock, valued at $608,781.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the transaction, the chief executive officer now owns 66,415 shares in the company, valued at approximately $24,861,791.10. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Hubbell Stock Performance

Shares of NYSE HUBB traded up $5.53 during midday trading on Friday, hitting $383.67. 172,571 shares of the company’s stock traded hands, compared to its average volume of 458,179. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.03 and a current ratio of 1.81. The stock has a market capitalization of $20.60 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 1.43 and a beta of 0.90. The firm has a fifty day moving average of $373.88 and a 200 day moving average of $384.18. Hubbell Incorporated has a 1 year low of $248.37 and a 1 year high of $429.61.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company posted $4.07 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. On average, analysts forecast that Hubbell Incorporated will post 16.38 earnings per share for the current year.

Hubbell Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $1.22 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $4.88 annualized dividend and a yield of 1.27%. Hubbell’s dividend payout ratio is currently 36.39%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on HUBB shares. JPMorgan Chase & Co. upped their price target on Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Barclays cut their price target on Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Finally, Stephens restated an “overweight” rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $402.57.

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.