Bain Capital Public Equity LP Invests $3.93 Million in Hubbell Incorporated (NYSE:HUBB)

Bain Capital Public Equity LP bought a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,381 shares of the industrial products company's stock, valued at approximately $3,930,000. Hubbell accounts for 2.5% of Bain Capital Public Equity LP's holdings, making the stock its 18th largest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Hubbell during the fourth quarter worth about $195,218,000. Marshall Wace LLP increased its holdings in shares of Hubbell by 418.1% in the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock valued at $128,620,000 after purchasing an additional 247,786 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Hubbell during the fourth quarter worth about $63,647,000. Ameriprise Financial Inc. increased its holdings in Hubbell by 80.1% in the 4th quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company's stock worth $140,876,000 after buying an additional 149,622 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake 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 acquiring an additional 129,490 shares during the period. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on HUBB shares. JPMorgan Chase & Co. reduced their target price on shares of Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Barclays dropped their price objective 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. StockNews.com lowered shares of Hubbell from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Finally, 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 research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target 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 that occurred on 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. 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. Insiders own 0.66% of the company's stock.

Hubbell Price Performance

Shares of NYSE:HUBB traded down $5.14 during midday trading on Tuesday, hitting $348.38. The company's stock had a trading volume of 611,236 shares, compared to its average volume of 521,530. The company has a market cap of $18.70 billion, a P/E ratio of 24.26, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97. Hubbell Incorporated has a 12-month low of $299.43 and a 12-month high of $481.35. The business's 50 day simple moving average is $343.39 and its 200 day simple moving average is $400.98. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64.

Hubbell (NYSE:HUBB - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing analysts' consensus estimates of $3.73 by ($0.23). The business had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.39 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $3.60 earnings per share. On average, analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current 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 paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's dividend payout ratio (DPR) is presently 35.72%.

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

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.