Voloridge Investment Management LLC lowered its stake in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 23.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 47,977 shares of the industrial products company's stock after selling 14,813 shares during the period. Voloridge Investment Management LLC owned approximately 0.09% of Hubbell worth $20,097,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its position in shares of Hubbell by 122.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock worth $12,032,000 after buying an additional 15,806 shares in the last quarter. Smith Group Asset Management LLC raised its holdings in shares of Hubbell by 1.6% in the 4th quarter. Smith Group Asset Management LLC now owns 67,042 shares of the industrial products company's stock worth $28,083,000 after purchasing an additional 1,049 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Hubbell by 25.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 190 shares of the industrial products company's stock worth $80,000 after purchasing an additional 38 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Hubbell by 28.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 8,848 shares of the industrial products company's stock worth $3,706,000 after purchasing an additional 1,957 shares during the period. Finally, Portfolio Design Labs LLC bought a new stake in shares of Hubbell in the 4th quarter worth approximately $306,000. Institutional investors and hedge funds own 88.16% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective 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. Wall Street Zen cut shares of Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Finally, Barclays decreased their price target on shares of Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 26th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $457.50.
Read Our Latest Analysis on Hubbell
Hubbell Stock Performance
NYSE HUBB traded down $2.99 during trading hours on Wednesday, hitting $395.88. 176,629 shares of the company's stock traded hands, compared to its average volume of 537,174. The business's fifty day moving average price is $354.30 and its two-hundred day moving average price is $394.29. 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 $21.13 billion, a P/E ratio of 27.58, a P/E/G ratio of 1.34 and a beta of 0.97. Hubbell Incorporated has a 52 week low of $299.43 and a 52 week high of $481.35.
Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly earnings data 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 firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.60 earnings per share. Equities research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.
Hubbell Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's dividend payout ratio is currently 35.72%.
Hubbell announced that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Insider Activity
In related news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction that occurred 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 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 position. 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 Hubbell 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 position. The disclosure for this sale can be found here. Insiders own 0.76% of the company's stock.
About Hubbell
(
Free Report)
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.
Further Reading
Before you consider Hubbell, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hubbell wasn't on the list.
While Hubbell currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
