Canada Pension Plan Investment Board Cuts Position in Hubbell Incorporated (NYSE:HUBB)

Canada Pension Plan Investment Board lowered its position in Hubbell Incorporated (NYSE:HUBB - Free Report) by 40.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,043 shares of the industrial products company's stock after selling 702 shares during the period. Canada Pension Plan Investment Board's holdings in Hubbell were worth $437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. lifted its holdings in shares of Hubbell by 26.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company's stock valued at $3,830,000 after buying an additional 1,886 shares during the period. Janney Montgomery Scott LLC raised its position in Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company's stock worth $12,032,000 after acquiring an additional 15,806 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company's stock valued at $98,187,000 after acquiring an additional 15,215 shares during the period. Nordea Investment Management AB boosted its position in shares of Hubbell by 29.6% during the 4th quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company's stock worth $67,503,000 after purchasing an additional 36,643 shares in the last quarter. Finally, SPX Gestao de Recursos Ltda acquired a new position in shares of Hubbell during the 3rd quarter worth $9,985,000. Hedge funds and other institutional investors own 88.16% of the company's stock.

Hubbell Price Performance

Shares of HUBB traded up $3.37 during trading hours on Wednesday, reaching $362.84. 736,663 shares of the company traded hands, compared to its average volume of 516,761. The stock has a fifty day simple moving average of $345.11 and a 200 day simple moving average of $404.28. Hubbell Incorporated has a fifty-two week low of $299.43 and a fifty-two week high of $481.35. The stock has a market capitalization of $19.47 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.41 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 .9% compared to the same quarter last year. During the same period last year, the company earned $3.69 EPS. As a group, research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 annualized dividend and a yield of 1.46%. Hubbell's dividend payout ratio (DPR) is presently 36.77%.

Hubbell announced that its board has approved a share repurchase program on Wednesday, February 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on HUBB. StockNews.com downgraded shares of Hubbell from a "buy" rating to a "hold" rating in a report on Friday, April 11th. Barclays decreased their price target on Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. JPMorgan Chase & Co. dropped their price objective on Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on Hubbell from $455.00 to $450.00 and set an "equal weight" rating for the company in a report on Tuesday, January 7th. Six 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 stock has a consensus rating of "Hold" and a consensus target price of $449.38.

Insiders Place Their Bets

In related news, insider Alyssa R. Flynn sold 1,164 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the sale, the insider now directly owns 4,327 shares of the company's stock, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.66% of the company's stock.

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.