Principal Financial Group Inc. Sells 9,050 Shares of Hubbell Inc $HUBB

Principal Financial Group Inc. lessened its position in shares of Hubbell Inc (NYSE:HUBB) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,675 shares of the industrial products company’s stock after selling 9,050 shares during the period. Principal Financial Group Inc. owned 0.37% of Hubbell worth $85,496,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in HUBB. Cullen Frost Bankers Inc. boosted its position in Hubbell by 400.0% during the second quarter. Cullen Frost Bankers Inc. now owns 85 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 68 shares during the period. Mather Group LLC. purchased a new stake in shares of Hubbell during the 3rd quarter valued at approximately $37,000. Root Financial Partners LLC bought a new position in Hubbell in the 3rd quarter worth approximately $45,000. Johnson Financial Group Inc. grew its stake in Hubbell by 185.4% in the 2nd quarter. Johnson Financial Group Inc. now owns 137 shares of the industrial products company’s stock valued at $56,000 after buying an additional 89 shares in the last quarter. Finally, CYBER HORNET ETFs LLC bought a new stake in Hubbell during the 2nd quarter valued at $57,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HUBB. Morgan Stanley set a $515.00 price target on Hubbell in a report on Wednesday, January 7th. Evercore ISI assumed coverage on Hubbell in a research note on Monday, December 15th. They issued an “outperform” rating and a $575.00 target price for the company. Wall Street Zen raised Hubbell from a “buy” rating to a “strong-buy” rating in a report on Saturday. UBS Group reissued a “neutral” rating and issued a $450.00 price target on shares of Hubbell in a report on Friday, December 12th. Finally, Mizuho boosted their price objective on shares of Hubbell from $480.00 to $500.00 and gave the company an “outperform” rating in a research note on Monday, January 5th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Hubbell has a consensus rating of “Moderate Buy” and an average price target of $497.25.

Hubbell Trading Up 1.7%

Shares of HUBB opened at $496.25 on Tuesday. Hubbell Inc has a 1-year low of $299.42 and a 1-year high of $501.32. The company has a market capitalization of $26.38 billion, a P/E ratio of 30.78, a P/E/G ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $458.74 and its 200 day simple moving average is $443.03.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be given a $1.42 dividend. The ex-dividend date is Friday, February 27th. This represents a $5.68 annualized dividend and a yield of 1.1%. Hubbell’s payout ratio is 35.24%.

Insiders Place Their Bets

In other news, insider Mark Eugene Mikes sold 2,470 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $466.50, for a total value of $1,152,255.00. Following the completion of the transaction, the insider directly owned 4,785 shares in the company, valued at approximately $2,232,202.50. This represents a 34.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John F. Malloy acquired 435 shares of Hubbell stock in a transaction dated Monday, November 17th. The shares were purchased at an average price of $429.24 per share, for a total transaction of $186,719.40. Following the completion of the transaction, the director directly owned 19,085 shares in the company, valued at approximately $8,192,045.40. The trade was a 2.33% increase in their position. The SEC filing for this purchase provides additional information. 0.76% of the stock is owned by corporate insiders.

Hubbell Company Profile

Hubbell Incorporated (NYSE: HUBB) is an industrial manufacturer and distributor of electrical and electronic products serving a range of end markets including commercial and residential construction, industrial, and utility customers. Founded in 1888 by Harvey Hubbell, the company has a long history in electrical innovation and product development and is headquartered in Connecticut. Hubbell designs, manufactures and sells components and systems that enable the distribution and control of electrical power and provide lighting solutions for indoor and outdoor environments.

The company’s offerings span a broad portfolio of products used by contractors, utilities, original equipment manufacturers and facility owners.