Hubbell Incorporated (NYSE:HUBB) Shares Acquired by Royal Bank of Canada

Royal Bank of Canada lifted its stake in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 111,802 shares of the industrial products company's stock after acquiring an additional 15,528 shares during the period. Royal Bank of Canada owned 0.21% of Hubbell worth $46,832,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Creative Financial Designs Inc. ADV raised its holdings in Hubbell by 85.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company's stock valued at $27,000 after buying an additional 30 shares during the period. Stonebridge Financial Group LLC purchased a new stake in Hubbell in the 4th quarter valued at about $30,000. Johnson Financial Group Inc. raised its holdings in Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after buying an additional 65 shares during the period. Venturi Wealth Management LLC raised its holdings in Hubbell by 69.7% in the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company's stock valued at $54,000 after buying an additional 53 shares during the period. Finally, Golden State Wealth Management LLC purchased a new stake in Hubbell in the 4th quarter valued at about $69,000. Hedge funds and other institutional investors own 88.16% of the company's stock.

Hubbell Stock Performance

Shares of Hubbell stock traded up $9.25 during trading hours on Tuesday, hitting $399.84. 214,876 shares of the company were exchanged, compared to its average volume of 536,718. Hubbell Incorporated has a 1 year low of $299.43 and a 1 year 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 business has a 50-day moving average of $353.12 and a 200-day moving average of $394.26. The stock has a market capitalization of $21.34 billion, a price-to-earnings ratio of 27.82, a P/E/G ratio of 1.34 and a beta of 0.97.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings data 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 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 was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS. As a group, analysts expect that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's payout ratio is 35.72%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on HUBB. Wall Street Zen downgraded Hubbell from a "buy" rating to a "hold" rating in a research report on Friday, April 11th. Barclays lowered their price target on Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. upped their price target on Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $457.50.

Insiders Place Their Bets

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the sale, the director now owns 1,727 shares of the company's stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gerben Bakker sold 7,723 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total value of $2,970,497.49. Following the completion of the sale, the chief executive officer now directly owns 82,101 shares in the company, valued at $31,578,507.63. This trade represents a 8.60% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

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.