Resona Asset Management Co. Ltd. Takes $6.67 Million Position in Hubbell Incorporated (NYSE:HUBB)

Resona Asset Management Co. Ltd. acquired a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,893 shares of the industrial products company's stock, valued at approximately $6,667,000.

A number of other hedge funds have also modified their holdings of the company. Salem Investment Counselors Inc. raised its holdings in Hubbell by 26.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company's stock worth $3,830,000 after acquiring an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Hubbell by 122.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock worth $12,032,000 after purchasing an additional 15,806 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Hubbell by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company's stock worth $98,187,000 after purchasing an additional 15,215 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Hubbell by 29.6% in the 4th quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company's stock valued at $67,503,000 after buying an additional 36,643 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new position in shares of Hubbell in the third quarter valued at $9,985,000. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Performance

HUBB traded up $11.89 during trading on Friday, hitting $353.73. The stock had a trading volume of 1,052,242 shares, compared to its average volume of 514,103. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The company has a 50 day moving average price of $356.69 and a 200-day moving average price of $411.80. Hubbell Incorporated has a one year low of $299.43 and a one year high of $481.35. The firm has a market cap of $18.98 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB - Get Free Report) last announced its earnings results 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business posted $3.69 EPS. The business'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 EPS for the current year.

Hubbell Dividend Announcement

The business also recently announced 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 1.49%. Hubbell's payout ratio is 36.77%.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their target price on shares of Hubbell from $430.00 to $352.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. StockNews.com downgraded Hubbell from a "buy" rating to a "hold" rating in a research report on Friday. Finally, Barclays cut their price objective on Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 26th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Hubbell presently has a consensus rating of "Hold" and an average target price of $449.38.

Insider Transactions at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the sale, the insider now 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 document filed with the SEC, which is available through the SEC website. 0.66% of the stock is currently owned by 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.