Norges Bank Buys New Position in Hubbell Incorporated (NYSE:HUBB)

Norges Bank purchased a new position in shares of Hubbell Incorporated (NYSE:HUBB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 466,037 shares of the industrial products company’s stock, valued at approximately $195,218,000. Norges Bank owned 0.87% of Hubbell at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Hubbell in the fourth quarter valued at $63,647,000. Bank of New York Mellon Corp grew its position in shares of 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 buying an additional 129,490 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Hubbell during the fourth quarter worth approximately $40,533,000. Vontobel Holding Ltd. raised its holdings in Hubbell by 9,720.7% in the fourth quarter. Vontobel Holding Ltd. now owns 74,048 shares of the industrial products company’s stock valued at $31,018,000 after acquiring an additional 73,294 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Hubbell by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock worth $2,779,212,000 after acquiring an additional 65,033 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Upgrades and Downgrades

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

Hubbell Trading Down 3.0 %

HUBB opened at $331.68 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a 52 week low of $330.00 and a 52 week high of $481.35. The business’s 50 day moving average is $379.97 and its two-hundred day moving average is $418.86. The firm has a market cap of $17.80 billion, a price-to-earnings ratio of 23.10, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94.

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

Hubbell Announces Dividend

The firm also recently announced 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 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 (DPR) is 36.77%.

Hubbell announced that its board has approved a stock buyback program on Wednesday, February 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction 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 transaction, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate 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.