Challenger Wealth Management Invests $293,000 in Hubbell Incorporated (NYSE:HUBB)

Challenger Wealth Management bought a new position in Hubbell Incorporated (NYSE:HUBB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 700 shares of the industrial products company's stock, valued at approximately $293,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Toronto Dominion Bank raised its stake in shares of Hubbell by 59.1% in the fourth quarter. Toronto Dominion Bank now owns 28,719 shares of the industrial products company's stock valued at $12,030,000 after purchasing an additional 10,667 shares in the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new position in Hubbell during the fourth quarter worth $1,094,000. Pacific Point Advisors LLC acquired a new position in Hubbell during the fourth quarter worth $4,492,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Hubbell by 22.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 273,164 shares of the industrial products company's stock worth $114,426,000 after acquiring an additional 50,565 shares in the last quarter. Finally, Vident Advisory LLC raised its stake in Hubbell by 37.3% during the fourth quarter. Vident Advisory LLC now owns 2,492 shares of the industrial products company's stock worth $1,044,000 after acquiring an additional 677 shares in the last quarter. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Gerben Bakker sold 7,723 shares of Hubbell stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total transaction of $2,970,497.49. Following the transaction, the chief executive officer now owns 82,101 shares in the company, valued at $31,578,507.63. The trade was a 8.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Carlos M. Cardoso sold 400 shares of Hubbell stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total value of $154,516.00. Following the transaction, the director now owns 1,727 shares in the company, valued at $667,122.83. This trade represents a 18.81% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.76% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price objective on Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Barclays dropped their price objective on Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 26th. Finally, Wall Street Zen lowered Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $457.50.

Hubbell Trading Up 0.6%

Hubbell stock traded up $2.19 during mid-day trading on Thursday, hitting $397.41. The stock had a trading volume of 528,793 shares, compared to its average volume of 538,296. The stock has a 50-day simple moving average of $355.44 and a two-hundred day simple moving average of $394.30. The stock has a market capitalization of $21.21 billion, a PE ratio of 27.68, a P/E/G 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 company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

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

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

Hubbell Announces Dividend

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 issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's dividend payout ratio (DPR) is currently 35.72%.

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.