Guggenheim Capital LLC raised its position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 13.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,332 shares of the industrial products company's stock after acquiring an additional 1,080 shares during the quarter. Guggenheim Capital LLC's holdings in Hubbell were worth $3,909,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. Salem Investment Counselors Inc. grew its stake in Hubbell by 26.0% in 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 acquiring an additional 1,886 shares during the period. Janney Montgomery Scott LLC grew its stake in Hubbell by 122.4% in 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 acquiring an additional 15,806 shares during the period. Principal Financial Group Inc. grew its stake in Hubbell by 7.1% in the third 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 period. Nordea Investment Management AB grew its stake in Hubbell by 29.6% in 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 acquiring an additional 36,643 shares during the period. Finally, SPX Gestao de Recursos Ltda acquired a new stake in Hubbell in the third quarter valued at approximately $9,985,000. Institutional investors own 88.16% of the company's stock.
Insider Transactions at Hubbell
In related 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 sale, the insider now owns 4,327 shares of the company's stock, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.66% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
HUBB has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on Hubbell from $455.00 to $450.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their target price on Hubbell from $430.00 to $352.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays cut 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. Finally, StockNews.com cut Hubbell from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Hubbell presently has a consensus rating of "Hold" and a consensus target price of $449.38.
Get Our Latest Stock Report on Hubbell
Hubbell Stock Performance
NYSE:HUBB traded up $13.56 during trading on Thursday, reaching $359.51. The company's stock had a trading volume of 110,516 shares, compared to its average volume of 518,077. The firm has a market cap of $19.29 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The firm has a 50 day moving average of $347.94 and a 200-day moving average of $407.23. Hubbell Incorporated has a 12 month low of $299.43 and a 12 month high of $481.35.
Hubbell (NYSE:HUBB - Get Free Report) last posted 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. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.69 EPS. 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 allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.
Hubbell Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.47%. Hubbell's payout ratio is 36.77%.
Hubbell Profile
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Free Report)
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.
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