Citigroup Inc. Has $19.78 Million Stock Position in Hubbell Incorporated (NYSE:HUBB)

Citigroup Inc. cut its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 15.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,170 shares of the industrial products company’s stock after selling 8,479 shares during the period. Citigroup Inc.’s holdings in Hubbell were worth $19,777,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in Hubbell by 85.3% in the 1st quarter. Lazard Asset Management LLC now owns 1,781 shares of the industrial products company’s stock valued at $739,000 after purchasing an additional 820 shares during the period. Janus Henderson Group PLC grew its stake in shares of Hubbell by 6.5% in the first quarter. Janus Henderson Group PLC now owns 6,586 shares of the industrial products company’s stock valued at $2,731,000 after acquiring an additional 403 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Hubbell by 499.3% in the first quarter. Tidal Investments LLC now owns 4,992 shares of the industrial products company’s stock valued at $2,072,000 after acquiring an additional 4,159 shares in the last quarter. Plato Investment Management Ltd bought a new position in Hubbell during the first quarter worth about $552,000. Finally, Wahed Invest LLC raised its stake in Hubbell by 14.8% in the 1st quarter. Wahed Invest LLC now owns 1,049 shares of the industrial products company’s stock worth $435,000 after purchasing an additional 135 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

HUBB has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and dropped their price objective for the company from $493.00 to $473.00 in a report on Tuesday. Wells Fargo & Company upped their target price on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Barclays upped their price objective on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Hubbell currently has a consensus rating of “Moderate Buy” and a consensus price target of $449.11.

Hubbell Stock Down 0.7 %

Shares of NYSE HUBB opened at $460.55 on Wednesday. The company has a market cap 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 current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. Hubbell Incorporated has a 12 month low of $293.91 and a 12 month high of $481.35. The stock has a 50-day moving average price of $443.30 and a two-hundred day moving average price of $403.08.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company earned $3.95 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, analysts forecast 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. Investors of record on Friday, November 29th will be issued a dividend of $1.32 per share. This is an increase from Hubbell’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.15%. Hubbell’s dividend payout ratio (DPR) is 38.04%.

Insider Buying and Selling

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

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.