Norges Bank Takes $195.22 Million Position in Hubbell Incorporated (NYSE:HUBB)

Norges Bank bought a new stake in Hubbell Incorporated (NYSE:HUBB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 466,037 shares of the industrial products company's stock, valued at approximately $195,218,000. Norges Bank owned about 0.87% of Hubbell at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HUBB. MassMutual Private Wealth & Trust FSB grew its position in shares of Hubbell by 12.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company's stock valued at $96,000 after purchasing an additional 25 shares during the period. JGP Wealth Management LLC grew its holdings in Hubbell by 1.2% in the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company's stock valued at $884,000 after buying an additional 26 shares during the period. Sanctuary Advisors LLC increased its stake in shares of Hubbell by 0.5% during the 4th quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company's stock valued at $2,313,000 after acquiring an additional 27 shares during the last quarter. Mindset Wealth Management LLC lifted its holdings in shares of Hubbell by 1.7% during the 4th quarter. Mindset Wealth Management LLC now owns 1,655 shares of the industrial products company's stock worth $693,000 after acquiring an additional 27 shares during the period. Finally, BHK Investment Advisors LLC boosted its position in shares of Hubbell by 2.3% in the fourth quarter. BHK Investment Advisors LLC now owns 1,351 shares of the industrial products company's stock worth $566,000 after acquiring an additional 30 shares during the last quarter. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays cut 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. Wells Fargo & Company cut their target price on Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 7th. 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $462.13.

Insider Buying and Selling at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company'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 directly owns 4,327 shares of the company's stock, valued at $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by insiders.

Hubbell Stock Down 1.8 %

NYSE:HUBB traded down $5.66 during trading hours on Friday, hitting $315.69. The stock had a trading volume of 1,202,137 shares, compared to its average volume of 499,847. The company has a market cap of $16.94 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The business has a 50 day simple moving average of $367.74 and a two-hundred day simple moving average of $416.03. Hubbell Incorporated has a 1-year low of $299.36 and a 1-year 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 released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, beating 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the business earned $3.69 EPS. The business's revenue was down .9% on a year-over-year basis. Analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The firm also recently declared 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 yield of 1.67%. The ex-dividend date was Friday, February 28th. Hubbell's dividend payout ratio is currently 36.77%.

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

Hubbell 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.