Massachusetts Financial Services Co. MA Boosts Stake in Hubbell Incorporated (NYSE:HUBB)

Massachusetts Financial Services Co. MA raised its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,510,430 shares of the industrial products company's stock after buying an additional 92,954 shares during the period. Massachusetts Financial Services Co. MA owned about 2.81% of Hubbell worth $632,704,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of HUBB. Public Sector Pension Investment Board raised its holdings in Hubbell by 14.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 2,348 shares of the industrial products company's stock worth $1,006,000 after purchasing an additional 300 shares during the period. Benjamin Edwards Inc. acquired a new position in shares of Hubbell during the 3rd quarter worth approximately $426,000. Hilltop Holdings Inc. raised its stake in shares of Hubbell by 5.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 2,361 shares of the industrial products company's stock worth $1,011,000 after buying an additional 128 shares during the period. Janus Henderson Group PLC lifted its position in shares of Hubbell by 11.1% during the 3rd quarter. Janus Henderson Group PLC now owns 7,007 shares of the industrial products company's stock valued at $3,001,000 after buying an additional 700 shares in the last quarter. Finally, Investment Management Corp of Ontario grew its stake in Hubbell by 50.7% in the 3rd quarter. Investment Management Corp of Ontario now owns 1,784 shares of the industrial products company's stock valued at $764,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds own 88.16% of the company's stock.

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Hubbell Price Performance

HUBB stock traded down $5.66 during mid-day trading on Friday, reaching $315.69. The company's stock had a trading volume of 1,202,137 shares, compared to its average volume of 499,847. The stock has a market cap of $16.94 billion, a PE ratio of 21.98, a P/E/G ratio of 1.34 and a beta of 0.95. The company's 50 day moving average is $370.54 and its two-hundred day moving average is $416.68. Hubbell Incorporated has a fifty-two week low of $299.36 and a fifty-two week high of $481.35. 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 posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating the consensus estimate of $4.02 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm earned $3.69 earnings per share. Equities research analysts expect that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell's dividend payout ratio is currently 36.77%.

Hubbell declared that its board has authorized a share repurchase program on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. 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. Barclays decreased their price target on shares of Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. Finally, StockNews.com upgraded Hubbell from a "hold" rating to a "buy" rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Hubbell has a consensus rating of "Hold" and an average target price of $462.13.

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was 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 in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by company insiders.

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.