DnB Asset Management AS Sells 10,771 Shares of Hubbell Incorporated (NYSE:HUBB)

DnB Asset Management AS trimmed its position in Hubbell Incorporated (NYSE:HUBB) by 22.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,221 shares of the industrial products company’s stock after selling 10,771 shares during the quarter. DnB Asset Management AS’s holdings in Hubbell were worth $15,592,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in shares of Hubbell by 54.1% in the third quarter. Cerity Partners LLC now owns 9,326 shares of the industrial products company’s stock valued at $3,995,000 after buying an additional 3,273 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Hubbell by 8.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 64,897 shares of the industrial products company’s stock valued at $27,799,000 after purchasing an additional 5,214 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Hubbell by 14.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 2,348 shares of the industrial products company’s stock valued at $1,006,000 after purchasing an additional 300 shares during the last quarter. Vinva Investment Management Ltd bought a new stake in Hubbell during the 3rd quarter worth approximately $773,000. Finally, Walleye Capital LLC raised its stake in shares of Hubbell by 2,928.6% in the third quarter. Walleye Capital LLC now owns 41,340 shares of the industrial products company’s stock worth $17,708,000 after purchasing an additional 39,975 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HUBB has been the subject of several recent research reports. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays reduced their target price on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Hubbell has a consensus rating of “Hold” and a consensus price target of $462.13.

Insiders Place Their Bets

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Down 3.0 %

Hubbell stock opened at $331.68 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 company has a market capitalization of $17.80 billion, a P/E ratio of 23.10, a P/E/G ratio of 1.34 and a beta of 0.94. The firm has a 50 day moving average price of $379.97 and a 200-day moving average price of $418.41. Hubbell Incorporated has a twelve month low of $330.32 and a twelve month high of $481.35.

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 analysts’ consensus estimates 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 the consensus estimate of $1.41 billion. During the same period last year, the business posted $3.69 earnings per share. The business’s revenue for the quarter was down .9% on a year-over-year basis. As a group, equities analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

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

Hubbell declared that its board has approved a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.