Nomura Asset Management Co. Ltd. Acquires 36,829 Shares of Hubbell Incorporated (NYSE:HUBB)

Nomura Asset Management Co. Ltd. raised its stake in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 230.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,830 shares of the industrial products company's stock after buying an additional 36,829 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 0.10% of Hubbell worth $22,130,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Hubbell by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company's stock valued at $2,779,212,000 after acquiring an additional 65,033 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 purchasing an additional 129,490 shares during the last quarter. State Street Corp increased 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 purchasing an additional 22,507 shares in the last quarter. Geode Capital Management LLC raised 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 worth $535,681,000 after buying an additional 8,278 shares during the last quarter. Finally, Norges Bank purchased a new position in Hubbell in the fourth quarter worth about $195,218,000. 88.16% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company reduced their price target 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. StockNews.com upgraded Hubbell from a "hold" rating to a "buy" rating in a research note on Thursday. Finally, Barclays decreased 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. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $462.13.

Insider Activity at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction that occurred 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 sale, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.66% of the stock is owned by company insiders.

Hubbell Stock Performance

NYSE:HUBB traded down $26.81 on Thursday, hitting $314.81. The stock had a trading volume of 176,625 shares, compared to its average volume of 492,969. Hubbell Incorporated has a 52-week low of $313.43 and a 52-week high of $481.35. The stock has a market cap of $16.90 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth 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. The business's 50-day simple moving average is $373.18 and its two-hundred day simple moving average is $417.35.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm posted $3.69 earnings per share. The firm's revenue was down .9% compared to the same quarter last year. As a group, research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a $1.32 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.68%. Hubbell's dividend payout ratio is currently 36.77%.

Hubbell announced that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.