Hubbell Incorporated (NYSE:HUBB) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC trimmed its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 61,549 shares of the industrial products company's stock after selling 797 shares during the quarter. Hubbell accounts for approximately 1.1% of Granite Investment Partners LLC's investment portfolio, making the stock its 19th biggest holding. Granite Investment Partners LLC owned 0.11% of Hubbell worth $25,782,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Hubbell during the fourth quarter worth about $195,218,000. Raymond James Financial Inc. acquired a new position in shares of Hubbell in the 4th quarter valued at $63,647,000. Bank of New York Mellon Corp boosted its holdings in Hubbell by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company's stock worth $1,183,920,000 after buying an additional 129,490 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Hubbell during the fourth quarter valued at $40,533,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in Hubbell by 6.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,510,430 shares of the industrial products company's stock valued at $632,704,000 after buying an additional 92,954 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on HUBB shares. StockNews.com lowered Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Barclays decreased 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. 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 report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $449.38.

Insiders Place Their Bets

In other news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction on 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 transaction, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.66% of the stock is owned by insiders.

Hubbell Trading Down 0.1 %

NYSE:HUBB traded down $0.42 during trading hours on Friday, hitting $338.36. The company had a trading volume of 466,124 shares, compared to its average volume of 517,139. Hubbell Incorporated has a 1 year low of $299.43 and a 1 year high of $481.35. The company has a market cap of $18.16 billion, a P/E ratio of 23.56, a P/E/G ratio of 1.34 and a beta of 0.95. The company has a 50-day moving average of $352.27 and a 200 day moving average of $409.68. 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 issued its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping analysts' consensus estimates of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm earned $3.69 earnings per share. Hubbell's quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts expect that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a yield of 1.56%. Hubbell's payout ratio is 36.77%.

Hubbell declared 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 shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is 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.