Hubbell Incorporated (NYSE:HUBB) Shares Sold by FIL Ltd

FIL Ltd reduced its holdings in Hubbell Incorporated (NYSE:HUBB) by 9.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,058,169 shares of the industrial products company’s stock after selling 104,781 shares during the quarter. FIL Ltd owned about 1.97% of Hubbell worth $443,256,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in Hubbell in the fourth quarter valued at about $195,218,000. Raymond James Financial Inc. purchased a new position in Hubbell in the 4th quarter valued at approximately $63,647,000. Bank of New York Mellon Corp raised its holdings in Hubbell by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock worth $1,183,920,000 after purchasing an additional 129,490 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Hubbell during the fourth quarter worth $40,533,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Hubbell by 6.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,510,430 shares of the industrial products company’s stock valued at $632,704,000 after purchasing an additional 92,954 shares during the last quarter. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the transaction, the insider now directly owns 4,327 shares of the company’s stock, valued at $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on HUBB shares. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Thursday, April 3rd. Barclays lowered their price target on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company dropped their price target on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $462.13.

Hubbell Stock Performance

NYSE HUBB opened at $315.93 on Tuesday. The business’s 50-day moving average price is $365.78 and its 200 day moving average price is $415.36. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a twelve month low of $299.43 and a twelve month high of $481.35. The company has a market capitalization of $16.96 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the company earned $3.69 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. On average, research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its board has initiated a stock repurchase program on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $1.32 per share. The ex-dividend date was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.67%. Hubbell’s dividend payout ratio is presently 36.77%.

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.