Hubbell Incorporated (NYSE:HUBB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,600 shares of the industrial products company’s stock after selling 2,200 shares during the quarter. New York State Common Retirement Fund’s holdings in Hubbell were worth $31,668,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HUBB. OLD National Bancorp IN boosted its position in Hubbell by 3.8% during the 3rd quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 22 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Hubbell by 12.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 25 shares during the period. JGP Wealth Management LLC boosted its position in Hubbell by 1.2% during the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock worth $884,000 after acquiring an additional 26 shares during the period. Sanctuary Advisors LLC boosted its position in Hubbell by 0.5% during the 4th quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company’s stock worth $2,313,000 after acquiring an additional 27 shares during the period. Finally, Avestar Capital LLC boosted its position in Hubbell by 5.1% during the 3rd quarter. Avestar Capital LLC now owns 577 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 28 shares during the period. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HUBB. Wells Fargo & Company dropped 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. Sanford C. Bernstein began coverage on Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective on the stock. Barclays boosted their price objective on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Morgan Stanley boosted their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, StockNews.com raised 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 assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $471.50.

Hubbell Trading Down 0.9 %

Shares of NYSE HUBB opened at $389.04 on Friday. Hubbell Incorporated has a 12 month low of $346.13 and a 12 month high of $481.35. The company has a market cap of $20.88 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 1.36 and a beta of 0.92. 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 has a fifty day simple moving average of $421.57 and a 200-day simple moving average of $423.47.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating 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 the consensus estimate of $1.41 billion. During the same period in the prior year, the business posted $3.69 earnings per share. Hubbell’s revenue was down .9% compared to the same quarter last year. Sell-side analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

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

Hubbell announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management 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.