Bank of America Corp DE Sells 54,432 Shares of Hubbell Incorporated (NYSE:HUBB)

Bank of America Corp DE lessened its holdings in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 15.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 305,212 shares of the industrial products company's stock after selling 54,432 shares during the period. Bank of America Corp DE owned about 0.57% of Hubbell worth $127,850,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB increased its stake in Hubbell by 12.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company's stock worth $96,000 after acquiring an additional 25 shares during the period. JGP Wealth Management LLC grew its holdings in shares of Hubbell by 1.2% during the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company's stock worth $884,000 after purchasing an additional 26 shares in the last quarter. Huntington National Bank increased its position in shares of Hubbell by 3.0% in the fourth quarter. Huntington National Bank now owns 886 shares of the industrial products company's stock worth $371,000 after purchasing an additional 26 shares during the period. Sanctuary Advisors LLC lifted its position in Hubbell by 0.5% during the fourth quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company's stock worth $2,313,000 after purchasing an additional 27 shares during the period. Finally, Mindset Wealth Management LLC lifted its position in Hubbell by 1.7% during the fourth quarter. Mindset Wealth Management LLC now owns 1,655 shares of the industrial products company's stock worth $693,000 after purchasing an additional 27 shares during the period. 88.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on HUBB. JPMorgan Chase & Co. decreased 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. Barclays decreased 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. Finally, StockNews.com cut Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Hubbell has a consensus rating of "Hold" and an average price target of $449.38.

Hubbell Trading Down 0.4%

NYSE:HUBB traded down $1.61 during mid-day trading on Wednesday, hitting $385.05. 639,714 shares of the company's stock were exchanged, compared to its average volume of 528,481. Hubbell Incorporated has a fifty-two week low of $299.43 and a fifty-two week 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. The firm has a market capitalization of $20.55 billion, a P/E ratio of 26.81, a PEG ratio of 1.34 and a beta of 0.97. The company has a 50 day simple moving average of $344.45 and a 200-day simple moving average of $398.11.

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

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders 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 dividend yield of 1.37%. Hubbell's dividend payout ratio (DPR) is 35.72%.

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

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the business'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 transaction, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is owned by insiders.

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.