NorthCrest Asset Manangement LLC Lowers Stock Position in Hubbell Incorporated (NYSE:HUBB)

NorthCrest Asset Manangement LLC cut its holdings in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 6.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,047 shares of the industrial products company's stock after selling 1,164 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Hubbell were worth $7,559,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Norges Bank bought a new position in shares of Hubbell during the fourth quarter worth $195,218,000. Marshall Wace LLP boosted its holdings in shares of Hubbell by 418.1% during the 4th 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 last quarter. Bain Capital Public Equity Management II LLC bought a new position in shares of Hubbell during the 4th quarter valued at about $95,868,000. PointState Capital LP purchased a new position in shares of Hubbell during the fourth quarter valued at about $78,443,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Hubbell in the fourth quarter worth about $63,647,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the business's 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 completion of the sale, the director now directly owns 1,727 shares of the company's stock, valued at $667,122.83. The trade was a 18.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gerben Bakker sold 7,723 shares of the firm's stock in a transaction that occurred on 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 directly owns 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.

Hubbell Trading Down 1.7%

HUBB stock traded down $6.81 during mid-day trading on Friday, reaching $390.13. 1,127,934 shares of the stock traded hands, compared to its average volume of 541,699. Hubbell Incorporated has a one year low of $299.43 and a one year high of $481.35. The stock has a market capitalization of $20.82 billion, a PE ratio of 27.17, a PEG ratio of 1.34 and a beta of 0.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The business has a 50-day moving average price of $357.11 and a two-hundred day moving average price of $392.65.

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 the consensus estimate of $3.73 by ($0.23). The firm had revenue of $1.37 billion for 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%. The business's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.60 earnings per share. Equities research analysts expect that Hubbell Incorporated will post 17.63 EPS for the current year.

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

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's dividend payout ratio is currently 35.72%.

Analyst Ratings Changes

A number of equities analysts recently commented on HUBB shares. Barclays dropped their price target 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. Wall Street Zen lowered shares of Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $457.50.

Hubbell 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.