Logan Capital Management Inc. Trims Holdings in Hubbell Inc $HUBB

Logan Capital Management Inc. reduced its holdings in shares of Hubbell Inc (NYSE:HUBB) by 16.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,575 shares of the industrial products company’s stock after selling 5,403 shares during the period. Logan Capital Management Inc. owned 0.05% of Hubbell worth $11,262,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in Hubbell by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company’s stock worth $937,623,000 after purchasing an additional 7,142 shares during the period. Invesco Ltd. boosted its position in shares of Hubbell by 2.1% in the 1st quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company’s stock worth $503,757,000 after purchasing an additional 31,859 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Hubbell by 35.1% in the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company’s stock worth $365,353,000 after purchasing an additional 287,047 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in Hubbell by 181.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company’s stock valued at $322,702,000 after buying an additional 628,886 shares in the last quarter. Finally, Nuveen LLC bought a new position in Hubbell during the 1st quarter valued at approximately $213,283,000. Institutional investors own 88.16% of the company’s stock.

Wall Street Analyst Weigh In

HUBB has been the topic of several analyst reports. Stephens reissued an “overweight” rating and issued a $500.00 target price on shares of Hubbell in a report on Thursday, September 11th. Barclays upped their price target on shares of Hubbell from $420.00 to $431.00 and gave the stock an “equal weight” rating in a research note on Friday, August 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Hubbell in a research report on Wednesday, October 8th. Wells Fargo & Company raised shares of Hubbell from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $445.00 to $490.00 in a report on Tuesday, September 2nd. Finally, Mizuho increased their price target on shares of Hubbell from $475.00 to $480.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $476.50.

Hubbell Price Performance

HUBB opened at $434.10 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.76 and a current ratio of 1.30. The stock has a market capitalization of $23.07 billion, a P/E ratio of 28.19, a P/E/G ratio of 2.42 and a beta of 0.96. The company’s 50-day simple moving average is $431.32 and its two-hundred day simple moving average is $407.61. Hubbell Inc has a 52-week low of $299.42 and a 52-week high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, topping analysts’ consensus estimates of $4.36 by $0.57. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.51 billion. As a group, analysts predict that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a $1.42 dividend. This is a boost from Hubbell’s previous quarterly dividend of $1.32. The ex-dividend date of this dividend is Friday, November 28th. This represents a $5.68 dividend on an annualized basis and a yield of 1.3%. Hubbell’s payout ratio is presently 34.29%.

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.