Victory Capital Management Inc. Sells 9,151 Shares of Hubbell Incorporated (NYSE:HUBB)

Victory Capital Management Inc. cut its position in Hubbell Incorporated (NYSE:HUBB) by 2.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 307,490 shares of the industrial products company’s stock after selling 9,151 shares during the period. Victory Capital Management Inc.’s holdings in Hubbell were worth $128,804,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mizuho Securities USA LLC raised its holdings in Hubbell by 192,421.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after buying an additional 7,975,855 shares during the last quarter. Impax Asset Management Group plc grew its holdings in Hubbell by 30.3% during the 3rd quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after acquiring an additional 279,654 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Hubbell by 268.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 231,130 shares of the industrial products company’s stock valued at $99,005,000 after acquiring an additional 168,380 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings 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 purchasing an additional 129,490 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Hubbell in the fourth quarter worth $40,533,000. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s 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 completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. 0.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Barclays lowered their target price on Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a research report on Monday. Wells Fargo & Company cut their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and reduced their target price for the company from $493.00 to $473.00 in a report on Tuesday, November 26th. Finally, StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Hubbell presently has an average rating of “Hold” and an average price target of $464.88.

Hubbell Stock Performance

Shares of Hubbell stock opened at $354.38 on Thursday. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $409.16 and a two-hundred day moving average price of $423.47. Hubbell Incorporated has a 1-year low of $340.38 and a 1-year high of $481.35. The company has a market cap of $19.02 billion, a P/E ratio of 24.68, a PEG ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion during 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% compared to the same quarter last year. During the same period last year, the business posted $3.69 EPS. As a group, analysts anticipate that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell declared that its Board of Directors has authorized a stock buyback plan on Wednesday, February 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be paid a $1.32 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.49%. Hubbell’s dividend payout ratio is presently 36.77%.

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.