Portland Global Advisors LLC Trims Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Portland Global Advisors LLC reduced its position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,796 shares of the industrial products company's stock after selling 1,036 shares during the quarter. Hubbell accounts for about 1.4% of Portland Global Advisors LLC's investment portfolio, making the stock its 22nd biggest holding. Portland Global Advisors LLC's holdings in Hubbell were worth $11,225,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Salem Investment Counselors Inc. boosted 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 grew its stake in shares of Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock worth $12,032,000 after acquiring an additional 15,806 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Hubbell by 7.1% during 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 purchasing an additional 15,215 shares during the last quarter. Nordea Investment Management AB lifted its position in 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 purchased a new stake in Hubbell in the third quarter worth approximately $9,985,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

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

Hubbell Price Performance

Shares of HUBB traded down $18.46 during trading hours on Thursday, reaching $323.16. 309,757 shares of the stock traded hands, compared to its average volume of 645,962. The company has a market cap of $17.34 billion, a P/E ratio of 22.50, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The company's 50-day moving average price is $373.18 and its two-hundred day moving average price is $417.35. Hubbell Incorporated has a 52-week low of $313.13 and a 52-week high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last released its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping the consensus estimate of $4.02 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.69 earnings per share. On average, analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell's dividend payout ratio is presently 36.77%.

Analyst Upgrades and Downgrades

HUBB has been the topic of several research analyst reports. Wells Fargo & Company lowered their price target on Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. 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 report on Wednesday, March 26th. Finally, StockNews.com upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $462.13.

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.