Handelsbanken Fonder AB Purchases 15,719 Shares of Hubbell Incorporated (NYSE:HUBB)

Handelsbanken Fonder AB increased its position in Hubbell Incorporated (NYSE:HUBB) by 41.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,858 shares of the industrial products company’s stock after acquiring an additional 15,719 shares during the quarter. Handelsbanken Fonder AB owned about 0.10% of Hubbell worth $22,561,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its position in shares of 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 purchasing an additional 15,806 shares during the last quarter. Salem Investment Counselors Inc. boosted its stake in Hubbell by 26.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after purchasing an additional 1,886 shares during the period. Principal Financial Group Inc. grew its holdings in Hubbell by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after buying an additional 15,215 shares during the last quarter. LGT Capital Partners LTD. bought a new position in Hubbell in the 3rd quarter worth approximately $39,687,000. Finally, Impax Asset Management Group plc lifted its holdings in shares of Hubbell by 30.3% during the third quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after buying an additional 279,654 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Price Performance

Shares of NYSE HUBB opened at $389.04 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The business’s 50 day moving average price is $421.57 and its two-hundred day moving average price is $423.47. The company has a market cap of $20.88 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. Hubbell Incorporated has a twelve month low of $346.13 and a twelve month high of $481.35.

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

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell’s payout ratio is 36.77%.

Hubbell announced that its board has authorized a stock buyback plan on Wednesday, February 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HUBB. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Sanford C. Bernstein initiated coverage on shares of Hubbell in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target on the stock. Wells Fargo & Company cut their price objective on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Barclays lifted their target price on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Hubbell presently has a consensus rating of “Hold” and a consensus target price of $471.50.

Hubbell Company 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.