AXQ Capital LP Acquires Shares of 1,801 Hubbell Incorporated (NYSE:HUBB)

AXQ Capital LP purchased a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,801 shares of the industrial products company's stock, valued at approximately $754,000.

Other hedge funds also recently modified their holdings of the company. Salem Investment Counselors Inc. raised its position in shares of Hubbell by 26.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company's stock valued at $3,830,000 after buying an additional 1,886 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Hubbell by 122.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock valued at $12,032,000 after acquiring an additional 15,806 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Hubbell by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company's stock worth $98,187,000 after purchasing an additional 15,215 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Hubbell by 29.6% during the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company's stock valued at $67,503,000 after purchasing an additional 36,643 shares during the period. Finally, SPX Gestao de Recursos Ltda acquired a new position in shares of Hubbell in the third quarter valued at $9,985,000. 88.16% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the 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 completion of the sale, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on HUBB shares. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. StockNews.com upgraded Hubbell from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Wells Fargo & Company reduced their target price on shares of Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays reduced their target price on Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $462.13.

Hubbell Stock Performance

Hubbell stock traded down $7.08 during mid-day trading on Wednesday, hitting $346.54. 714,453 shares of the company's stock traded hands, compared to its average volume of 477,370. The stock has a market cap of $18.60 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.34 and a beta of 0.94. The firm has a 50 day simple moving average of $385.55 and a two-hundred day simple moving average of $419.79. 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 fifty-two week low of $330.32 and a fifty-two week high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results 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. 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 analysts' expectations of $1.41 billion. During the same period in the previous year, the company posted $3.69 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. On average, research analysts expect that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell announced that its board has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell's dividend payout ratio is currently 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.