Retirement Systems of Alabama decreased its position in shares of Hubbell Inc (NYSE:HUBB – Free Report) by 50.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,336 shares of the industrial products company’s stock after selling 11,687 shares during the quarter. Retirement Systems of Alabama’s holdings in Hubbell were worth $4,878,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. McKinley Carter Wealth Services Inc. grew its stake in Hubbell by 16.7% during the 2nd quarter. McKinley Carter Wealth Services Inc. now owns 19,829 shares of the industrial products company’s stock worth $8,098,000 after purchasing an additional 2,843 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Hubbell during the second quarter worth approximately $320,000. Venturi Wealth Management LLC purchased a new position in shares of Hubbell during the second quarter worth about $490,000. Nordea Investment Management AB lifted its holdings in shares of Hubbell by 15.7% during the third quarter. Nordea Investment Management AB now owns 203,399 shares of the industrial products company’s stock worth $87,333,000 after purchasing an additional 27,576 shares during the period. Finally, Walter Public Investments Inc. raised its holdings in Hubbell by 33.3% during the third quarter. Walter Public Investments Inc. now owns 35,086 shares of the industrial products company’s stock worth $15,098,000 after purchasing an additional 8,774 shares in the last quarter. 88.16% of the stock is currently owned by hedge funds and other institutional investors.
Hubbell Trading Down 2.0%
NYSE:HUBB opened at $488.11 on Friday. The business’s 50 day moving average is $457.30 and its two-hundred day moving average is $442.25. Hubbell Inc has a 52 week low of $299.42 and a 52 week high of $501.32. The company has a market cap of $25.94 billion, a PE ratio of 30.28, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 1.36 and a debt-to-equity ratio of 0.28.
Wall Street Analysts Forecast Growth
HUBB has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on shares of Hubbell from $500.00 to $515.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. JPMorgan Chase & Co. lifted their price objective on Hubbell from $417.00 to $458.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 15th. Evercore ISI initiated coverage on shares of Hubbell in a research note on Monday, December 15th. They issued an “outperform” rating and a $575.00 target price for the company. Barclays lifted their price target on Hubbell from $456.00 to $465.00 and gave the company an “equal weight” rating in a report on Wednesday, January 7th. Finally, Morgan Stanley set a $515.00 target price on Hubbell in a report on Wednesday, January 7th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Hubbell presently has a consensus rating of “Moderate Buy” and an average price target of $497.25.
Get Our Latest Analysis on Hubbell
Insiders Place Their Bets
In related news, insider Mark Eugene Mikes sold 2,470 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $466.50, for a total transaction of $1,152,255.00. Following the completion of the transaction, the insider owned 4,785 shares of the company’s stock, valued at $2,232,202.50. This trade represents a 34.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John F. Malloy bought 435 shares of Hubbell stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average price of $429.24 per share, with a total value of $186,719.40. Following the completion of the acquisition, the director directly owned 19,085 shares of the company’s stock, valued at $8,192,045.40. This represents a 2.33% increase in their position. The SEC filing for this purchase provides additional information. 0.66% of the stock is currently owned by insiders.
About Hubbell
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.
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