Hubbell Incorporated (NYSE:HUBB) Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 226,710 shares of the industrial products company's stock after selling 2,500 shares during the quarter. Principal Financial Group Inc. owned about 0.42% of Hubbell worth $94,966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Groupama Asset Managment raised its holdings in shares of Hubbell by 17.0% in the 3rd quarter. Groupama Asset Managment now owns 6,955 shares of the industrial products company's stock worth $30,000 after purchasing an additional 1,010 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Hubbell during the 4th quarter worth approximately $30,000. Prospera Private Wealth LLC purchased a new position in Hubbell in the third quarter valued at approximately $33,000. Versant Capital Management Inc lifted its position in Hubbell by 64.6% during the fourth quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company's stock valued at $33,000 after buying an additional 31 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in Hubbell during the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 88.16% of the company's stock.

Hubbell Stock Performance

HUBB stock traded down $12.68 during mid-day trading on Friday, reaching $376.74. The company had a trading volume of 638,985 shares, compared to its average volume of 688,027. Hubbell Incorporated has a one year low of $346.13 and a one year high of $481.35. The stock has a market capitalization of $20.22 billion, a P/E ratio of 26.24, a P/E/G ratio of 1.34 and a beta of 0.92. 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 stock's 50-day simple moving average is $420.03 and its two-hundred day simple moving average is $423.99.

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

Hubbell announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell's dividend payout ratio (DPR) is 36.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an "outperform" rating and a $535.00 target price on the stock. Morgan Stanley raised their price objective on Hubbell from $407.00 to $445.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a "buy" rating to a "hold" rating and decreased their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Wells Fargo & Company dropped their target price on Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Finally, Barclays boosted their price target on Hubbell from $402.00 to $475.00 and gave the stock an "equal weight" rating in a research report on Thursday, December 5th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $471.50.

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.