1,538 Shares in Hubbell Incorporated (NYSE:HUBB) Purchased by Allstate Corp

Allstate Corp acquired a new stake in Hubbell Incorporated (NYSE:HUBB) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,538 shares of the industrial products company’s stock, valued at approximately $644,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. boosted its stake in shares of Hubbell by 26.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after buying an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock valued at $12,032,000 after acquiring an additional 15,806 shares during the period. Principal Financial Group Inc. boosted its position in shares of Hubbell by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock worth $98,187,000 after purchasing an additional 15,215 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Hubbell by 29.6% during the 4th quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock worth $67,503,000 after purchasing an additional 36,643 shares during the period. Finally, SPX Gestao de Recursos Ltda purchased a new position in shares of Hubbell in the 3rd quarter valued at about $9,985,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on HUBB shares. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th. Barclays lowered their price target on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Finally, Wells Fargo & Company reduced their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $462.13.

Hubbell Trading Down 0.3 %

Shares of Hubbell stock opened at $331.08 on Tuesday. Hubbell Incorporated has a 1 year low of $316.34 and a 1 year high of $481.35. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The business has a 50 day moving average price of $377.84 and a 200 day moving average price of $418.38. The company has a market capitalization of $17.77 billion, a P/E ratio of 23.06, a P/E/G ratio of 1.34 and a beta of 0.94.

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

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were paid a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.59%. Hubbell’s dividend payout ratio is currently 36.77%.

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 outstanding shares. This buyback authorization allows the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.66% of the company’s stock.

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.