Korea Investment CORP Purchases 10,925 Shares of Hubbell Incorporated (NYSE:HUBB)

Korea Investment CORP lifted its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 37.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,249 shares of the industrial products company's stock after buying an additional 10,925 shares during the period. Korea Investment CORP owned about 0.07% of Hubbell worth $16,860,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Hubbell by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company's stock worth $2,779,212,000 after purchasing an additional 65,033 shares in the last quarter. Bank of New York Mellon Corp raised its position in Hubbell by 4.8% in the 4th 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 during the last quarter. State Street Corp lifted its stake in Hubbell by 1.1% during the 3rd 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 period. Geode Capital Management LLC raised its holdings in shares of Hubbell by 0.7% during 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 purchasing an additional 8,278 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Hubbell by 1.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 350,367 shares of the industrial products company's stock valued at $146,765,000 after buying an additional 3,586 shares during the period. Hedge funds and other institutional investors own 88.16% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays cut their price target on Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company cut 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 report on Tuesday, January 7th. Finally, StockNews.com raised shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $462.13.

Hubbell Price Performance

NYSE:HUBB traded down $26.81 on Thursday, reaching $314.81. 176,625 shares of the company's stock traded hands, compared to its average volume of 644,026. The stock has a 50-day simple moving average of $373.18 and a 200-day simple moving average of $417.35. Hubbell Incorporated has a 12 month low of $313.13 and a 12 month high of $481.35. The firm has a market cap of $16.90 billion, a PE ratio of 21.92, a P/E/G ratio of 1.34 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

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. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the company posted $3.69 EPS. The firm's revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $1.32 per share. The ex-dividend date was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.68%. Hubbell's payout ratio is 36.77%.

Hubbell announced that its Board of Directors has authorized a stock 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 reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Transactions at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the firm's stock in a transaction that occurred 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 owns 4,327 shares in the company, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.66% of the company's stock.

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.