KLP Kapitalforvaltning AS Takes Position in Hubbell Incorporated (NYSE:HUBB)

KLP Kapitalforvaltning AS acquired a new position in Hubbell Incorporated (NYSE:HUBB - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 17,900 shares of the industrial products company's stock, valued at approximately $7,498,000.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in shares of Hubbell by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company's stock valued at $1,183,920,000 after buying an additional 129,490 shares during the period. State Street Corp increased its position in Hubbell by 1.1% during the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company's stock valued at $896,200,000 after acquiring an additional 22,507 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hubbell by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,254,905 shares of the industrial products company's stock valued at $535,681,000 after acquiring an additional 8,278 shares during the period. PNC Financial Services Group Inc. boosted its position in Hubbell by 1.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 350,367 shares of the industrial products company's stock worth $146,765,000 after purchasing an additional 3,586 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Hubbell by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 311,648 shares of the industrial products company's stock valued at $130,546,000 after purchasing an additional 8,747 shares during the period. Hedge funds and other institutional investors own 88.16% of the company's stock.

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Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the business's 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 sale, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. 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 company insiders.

Hubbell Price Performance

NYSE HUBB traded down $10.32 during trading hours on Friday, reaching $331.68. The company's stock had a trading volume of 387,277 shares, compared to its average volume of 492,604. Hubbell Incorporated has a 1 year low of $330.32 and a 1 year high of $481.35. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $17.80 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 1.34 and a beta of 0.94. The firm's 50-day moving average price is $379.97 and its 200-day moving average price is $418.41.

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, equities research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell announced that its board has authorized a share repurchase program 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 repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Hubbell Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $1.32 dividend. The ex-dividend date was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.59%. Hubbell's dividend payout ratio (DPR) is 36.77%.

Wall Street Analyst Weigh In

HUBB has been the subject of a number of recent research reports. StockNews.com downgraded shares of Hubbell from a "buy" rating to a "hold" rating in a research report on Wednesday. Wells Fargo & Company reduced their price target on Hubbell from $455.00 to $450.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 7th. Finally, Barclays lowered their price objective on Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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.