Parr Mcknight Wealth Management Group LLC Acquires New Stake in Hubbell Incorporated (NYSE:HUBB)

Parr Mcknight Wealth Management Group LLC bought a new stake in Hubbell Incorporated (NYSE:HUBB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,612 shares of the industrial products company's stock, valued at approximately $1,094,000.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Hubbell by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company's stock valued at $2,779,212,000 after acquiring an additional 65,033 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Hubbell by 4.8% in the fourth 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 last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Hubbell by 6.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,510,430 shares of the industrial products company's stock valued at $632,704,000 after acquiring an additional 92,954 shares during the last quarter. Invesco Ltd. raised its stake in shares of Hubbell by 1.9% in the fourth quarter. Invesco Ltd. now owns 1,490,479 shares of the industrial products company's stock valued at $624,347,000 after acquiring an additional 27,914 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Hubbell by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,284,506 shares of the industrial products company's stock valued at $536,641,000 after acquiring an additional 29,601 shares during the last quarter. Institutional investors own 88.16% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on HUBB shares. Barclays lowered their price target on shares of Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a report 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. raised their price target on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a report 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, the company has a consensus rating of "Hold" and a consensus target price of $457.50.

Insider Transactions at Hubbell

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

Hubbell Trading Down 1.0%

HUBB traded down $3.96 during trading on Wednesday, reaching $394.90. 500,762 shares of the company's stock were exchanged, compared to its average volume of 538,436. The company's fifty day moving average price is $354.30 and its 200-day moving average price is $394.29. 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 Incorporated has a fifty-two week low of $299.43 and a fifty-two week high of $481.35. The firm has a market capitalization of $21.08 billion, a PE ratio of 27.50, a P/E/G ratio of 1.34 and a beta of 0.97.

Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly 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 firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $3.60 earnings per share. As a group, equities analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The company also recently declared 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 is Friday, May 30th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.34%. Hubbell's dividend payout ratio is 35.72%.

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

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.