Bank of New York Mellon Corp Purchases 129,490 Shares of Hubbell Incorporated (NYSE:HUBB)

Bank of New York Mellon Corp lifted its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,826,327 shares of the industrial products company's stock after buying an additional 129,490 shares during the period. Bank of New York Mellon Corp owned approximately 5.27% of Hubbell worth $1,183,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its holdings in Hubbell by 122.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock valued at $12,032,000 after buying an additional 15,806 shares during the last quarter. Salem Investment Counselors Inc. increased its stake in shares of Hubbell by 26.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company's stock worth $3,830,000 after purchasing an additional 1,886 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Hubbell by 7.1% in 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. LGT Capital Partners LTD. bought a new position in Hubbell in the 3rd quarter worth $39,687,000. Finally, Impax Asset Management Group plc lifted its position in Hubbell by 30.3% during the third quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company's stock valued at $514,377,000 after purchasing an additional 279,654 shares in the last quarter. Institutional investors own 88.16% of the company's stock.

Insider Transactions at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the sale, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.66% of the company's stock.

Hubbell Price Performance

Shares of NYSE:HUBB traded up $2.24 during midday trading on Friday, reaching $371.51. 550,777 shares of the company were exchanged, compared to its average volume of 629,510. The stock has a market cap of $19.94 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The business's fifty day moving average is $414.87 and its two-hundred day moving average is $423.67. Hubbell Incorporated has a one year low of $346.13 and a one year high of $481.35. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings data 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 net margin of 13.82% and a return on equity of 28.62%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $3.69 EPS. The business's revenue was down .9% on a year-over-year basis. As a group, analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Friday, February 28th. Hubbell's payout ratio is 36.77%.

Wall Street Analysts Forecast Growth

HUBB has been the subject of a number of analyst reports. Sanford C. Bernstein assumed coverage on Hubbell in a research report on Tuesday, November 5th. They issued an "outperform" rating and a $535.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a "buy" rating to a "hold" rating and reduced their target price for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. Barclays raised their target price on shares of Hubbell from $402.00 to $475.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 5th. StockNews.com upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, Wells Fargo & Company decreased their price objective 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. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $471.50.

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.