DnB Asset Management AS Trims Stock Position in Hubbell Incorporated (NYSE:HUBB)

DnB Asset Management AS lessened its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 22.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. 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 owned 0.07% of Hubbell worth $15,592,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Salem Investment Counselors Inc. lifted its position in Hubbell by 26.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company's stock worth $3,830,000 after acquiring an additional 1,886 shares during the period. Janney Montgomery Scott LLC lifted its stake in Hubbell by 122.4% during 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 during the period. Principal Financial Group Inc. boosted its holdings 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 valued at $98,187,000 after acquiring an additional 15,215 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Hubbell by 29.6% in the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company's stock worth $67,503,000 after acquiring an additional 36,643 shares during the period. Finally, SPX Gestao de Recursos Ltda acquired a new position in Hubbell during the third quarter valued at $9,985,000. Hedge funds and other institutional investors own 88.16% of the company's stock.

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Insider Activity

In related news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now owns 4,327 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.66% of the company's stock.

Hubbell Price Performance

NYSE HUBB traded up $8.72 on Wednesday, hitting $341.58. The company had a trading volume of 122,936 shares, compared to its average volume of 492,691. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The company's fifty day moving average price is $375.48 and its 200-day moving average price is $417.88. The company has a market capitalization of $18.33 billion, a PE ratio of 23.79, a PEG ratio of 1.34 and a beta of 0.94. Hubbell Incorporated has a 12-month low of $316.34 and a 12-month high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, topping 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 firm 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 company's revenue for the quarter 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 initiated a share repurchase 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 generally a sign that the company's leadership believes its shares are undervalued.

Hubbell Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell's payout ratio is 36.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. StockNews.com downgraded Hubbell from a "buy" rating to a "hold" rating in a research note on Wednesday, March 26th. Barclays dropped their price objective on shares of Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company decreased their target price on shares of Hubbell from $455.00 to $450.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $462.13.

About Hubbell

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.