Allstate Corp Buys New Shares in Hubbell Incorporated (NYSE:HUBB)

Allstate Corp purchased a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,538 shares of the industrial products company's stock, valued at approximately $644,000.

Other hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. raised its holdings in shares of Hubbell by 230.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 52,830 shares of the industrial products company's stock worth $22,130,000 after purchasing an additional 36,829 shares during the period. Duff & Phelps Investment Management Co. bought a new stake in shares of Hubbell in the fourth quarter valued at $371,000. Norges Bank purchased a new position in shares of Hubbell during the 4th quarter valued at $195,218,000. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Hubbell during the 4th quarter valued at $859,000. Finally, NEOS Investment Management LLC increased its holdings in Hubbell by 216.8% in the 4th quarter. NEOS Investment Management LLC now owns 2,360 shares of the industrial products company's stock worth $989,000 after acquiring an additional 1,615 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Thursday. 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 report on Tuesday, January 7th. Finally, Barclays dropped their target price on Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 26th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $462.13.

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Insider Activity at Hubbell

In other Hubbell 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 transaction of $452,865.84. Following the sale, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.

Hubbell Price Performance

NYSE:HUBB traded down $6.83 during trading hours on Friday, hitting $314.52. The stock had a trading volume of 730,285 shares, compared to its average volume of 497,655. The company has a 50 day simple moving average of $370.54 and a two-hundred day simple moving average of $416.68. The firm has a market capitalization of $16.88 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 1.34 and a beta of 0.95. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. Hubbell Incorporated has a one year low of $299.36 and a one year high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.02 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the company earned $3.69 earnings per share. Research analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell's dividend payout ratio (DPR) is 36.77%.

Hubbell declared that its Board of Directors has authorized a share 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 repurchase up to 2.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

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.