Mechanics Financial Corp Cuts Stake in Hubbell Incorporated (NYSE:HUBB)

Mechanics Financial Corp reduced its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 1.3% during the fourth quarter, Holdings Channel reports. The fund owned 4,390 shares of the industrial products company’s stock after selling 60 shares during the period. Hubbell comprises about 0.8% of Mechanics Financial Corp’s investment portfolio, making the stock its 28th biggest position. Mechanics Financial Corp’s holdings in Hubbell were worth $1,444,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Lindbrook Capital LLC lifted its stake in shares of Hubbell by 127.5% in the 4th quarter. Lindbrook Capital LLC now owns 91 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 51 shares during the last quarter. Baillie Gifford & Co. purchased a new position in Hubbell in the 4th quarter worth approximately $33,000. Sentry Investment Management LLC bought a new stake in Hubbell in the fourth quarter valued at approximately $91,000. Grove Bank & Trust boosted its stake in shares of Hubbell by 14.3% during the third quarter. Grove Bank & Trust now owns 400 shares of the industrial products company’s stock valued at $125,000 after purchasing an additional 50 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of Hubbell by 43.2% during the fourth quarter. Blue Trust Inc. now owns 424 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 128 shares during the period. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Trading Down 0.6 %

HUBB stock traded down $2.40 during trading on Thursday, reaching $370.90. The company had a trading volume of 251,207 shares, compared to its average volume of 425,168. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.66 and a quick ratio of 1.01. Hubbell Incorporated has a 52 week low of $248.37 and a 52 week high of $429.61. The business has a 50 day moving average of $397.61 and a 200 day moving average of $344.52. The company has a market cap of $19.89 billion, a P/E ratio of 27.84, a PEG ratio of 2.26 and a beta of 0.96.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.54 by $0.06. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The business’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.61 EPS. As a group, sell-side analysts forecast that Hubbell Incorporated will post 16.4 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Thursday, May 30th. Hubbell’s dividend payout ratio is currently 36.39%.

Analysts Set New Price Targets

Several brokerages recently commented on HUBB. Wells Fargo & Company decreased their target price on shares of Hubbell from $435.00 to $397.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Barclays boosted their price objective on shares of Hubbell from $340.00 to $400.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Mizuho increased their target price on shares of Hubbell from $370.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a report on Monday, March 11th. They set a “hold” rating and a $427.00 price target on the stock. Finally, StockNews.com lowered Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $388.86.

Insider Activity

In related news, CFO William R. Sperry sold 14,925 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $352.99, for a total transaction of $5,268,375.75. Following the sale, the chief financial officer now owns 37,848 shares of the company’s stock, valued at $13,359,965.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Mark Eugene Mikes sold 1,837 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the transaction, the insider now directly owns 5,296 shares in the company, valued at $1,896,815.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William R. Sperry sold 14,925 shares of Hubbell stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $352.99, for a total value of $5,268,375.75. Following the completion of the transaction, the chief financial officer now directly owns 37,848 shares of the company’s stock, valued at approximately $13,359,965.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,125 shares of company stock worth $12,065,100. Corporate insiders own 0.66% of the company’s stock.

About Hubbell

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.