Ironwood Investment Counsel LLC Decreases Stake in Hubbell Incorporated (NYSE:HUBB)

Ironwood Investment Counsel LLC lessened its stake in Hubbell Incorporated (NYSE:HUBB) by 2.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,416 shares of the industrial products company’s stock after selling 112 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Hubbell were worth $1,892,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in shares of Hubbell during the 3rd quarter worth $33,000. Ashton Thomas Securities LLC acquired a new position in Hubbell during the third quarter worth about $41,000. Quarry LP purchased a new stake in shares of Hubbell in the second quarter valued at about $49,000. Northwest Investment Counselors LLC purchased a new position in shares of Hubbell during the 3rd quarter worth approximately $58,000. Finally, GAMMA Investing LLC raised its position in shares of Hubbell by 84.7% during the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Stock Performance

NYSE:HUBB opened at $459.89 on Friday. Hubbell Incorporated has a fifty-two week low of $295.60 and a fifty-two week high of $481.35. The firm’s 50 day moving average is $445.68 and its two-hundred day moving average is $404.26. The company has a market cap of $24.68 billion, a P/E ratio of 33.13, a P/E/G ratio of 1.71 and a beta of 0.90. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $3.95 earnings per share. Analysts expect that Hubbell Incorporated will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a 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 is 35.16%.

Insider Activity at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the sale, the insider now owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and dropped their price target for the stock from $493.00 to $473.00 in a research report on Tuesday. Wells Fargo & Company lifted their price objective on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Monday, November 25th. Sanford C. Bernstein began coverage on shares of Hubbell in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Finally, Mizuho raised their target price on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.