Wellington Management Group LLP Sells 10,217 Shares of Hubbell Incorporated (NYSE:HUBB)

Wellington Management Group LLP lessened its holdings in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 142,806 shares of the industrial products company's stock after selling 10,217 shares during the quarter. Wellington Management Group LLP owned about 0.27% of Hubbell worth $59,820,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HUBB. Norges Bank bought a new position in Hubbell during the fourth quarter worth about $195,218,000. Marshall Wace LLP boosted its position in Hubbell by 418.1% during the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock worth $128,620,000 after purchasing an additional 247,786 shares during the period. Bain Capital Public Equity Management II LLC bought a new position in Hubbell during the fourth quarter worth about $95,868,000. PointState Capital LP bought a new position in Hubbell during the fourth quarter worth about $78,443,000. Finally, Raymond James Financial Inc. bought a new position in Hubbell during the fourth quarter worth about $63,647,000. Institutional investors own 88.16% of the company's stock.

Insider Activity at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 1,727 shares in the company, valued at $667,122.83. This trade represents a 18.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by insiders.

Hubbell Price Performance

HUBB traded down $6.81 on Friday, reaching $390.13. The company had a trading volume of 1,127,934 shares, compared to its average volume of 541,699. The business has a 50 day simple moving average of $357.11 and a 200 day simple moving average of $392.98. The company has a market cap of $20.82 billion, a price-to-earnings ratio of 27.17, a P/E/G 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. 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 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 company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.39 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. 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, sell-side analysts anticipate that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Hubbell Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wall Street Zen downgraded shares of Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. Finally, Barclays lowered 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 assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $457.50.

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.