Pinebridge Investments L.P. Makes New $2.91 Million Investment in Hubbell Incorporated (NYSE:HUBB)

Pinebridge Investments L.P. bought a new position 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 6,935 shares of the industrial products company's stock, valued at approximately $2,905,000.

A number of other institutional investors have also modified their holdings of HUBB. Creative Financial Designs Inc. ADV boosted its holdings in shares of Hubbell by 85.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 30 shares during the period. Stonebridge Financial Group LLC bought a new position in Hubbell in the 4th quarter worth about $30,000. Versant Capital Management Inc increased its stake in shares of Hubbell by 64.6% in the fourth quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company's stock valued at $33,000 after purchasing an additional 31 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Hubbell by 69.7% during the fourth quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company's stock valued at $54,000 after buying an additional 53 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in shares of Hubbell during the fourth quarter worth approximately $69,000. Institutional investors and hedge funds own 88.16% of the company's stock.

Hubbell Stock Up 3.0 %

Shares of NYSE:HUBB traded up $10.30 during trading on Friday, reaching $353.42. 424,737 shares of the company traded hands, compared to its average volume of 518,695. The firm has a fifty day simple moving average of $344.61 and a 200 day simple moving average of $403.47. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a 1-year low of $299.43 and a 1-year high of $481.35. The firm has a market cap of $18.97 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB - Get Free Report) last posted its earnings results on Thursday, May 1st. The industrial products company reported $3.50 EPS for the quarter, missing the consensus estimate of $3.73 by ($0.23). Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm earned $3.60 earnings per share. The business's revenue was down 2.4% on a year-over-year basis. Analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 dividend on an annualized basis and a yield of 1.49%. Hubbell's payout ratio is currently 36.77%.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays cut their target price on 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 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 note on Tuesday, January 7th. JPMorgan Chase & Co. decreased their target price on Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, StockNews.com cut Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $449.38.

Insider Buying and Selling at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the transaction, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company's stock.

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.