Millennium Management LLC Sells 117,428 Shares of Hubbell Incorporated (NYSE:HUBB)

Millennium Management LLC trimmed its holdings in Hubbell Incorporated (NYSE:HUBB - Free Report) by 48.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 125,187 shares of the industrial products company's stock after selling 117,428 shares during the quarter. Millennium Management LLC owned 0.23% of Hubbell worth $52,440,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of HUBB. Norges Bank purchased a new stake in shares of Hubbell in the fourth quarter worth approximately $195,218,000. Marshall Wace LLP lifted its position in Hubbell by 418.1% in the 4th quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company's stock worth $128,620,000 after buying an additional 247,786 shares in the last quarter. Bain Capital Public Equity Management II LLC purchased a new stake in Hubbell in the 4th quarter worth approximately $95,868,000. Raymond James Financial Inc. acquired a new stake in shares of Hubbell during the 4th quarter valued at $63,647,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Hubbell by 80.1% in the fourth quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company's stock worth $140,876,000 after acquiring an additional 149,622 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Hubbell

In related news, CEO Gerben Bakker sold 7,723 shares of the business's 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 owns 82,101 shares of the company's stock, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alyssa R. Flynn sold 1,164 shares of the company's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the transaction, the insider now owns 4,327 shares of the company's stock, valued at approximately $1,683,462.62. The trade was a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.

Hubbell Stock Performance

HUBB stock traded down $1.30 during midday trading on Tuesday, hitting $389.47. 434,420 shares of the company traded hands, compared to its average volume of 531,076. The business has a 50 day simple moving average of $349.32 and a 200-day simple moving average of $396.51. 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 Incorporated has a twelve month low of $299.43 and a twelve month high of $481.35. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of 27.12, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) 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 net margin of 13.82% and a return on equity of 28.62%. The firm's revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company earned $3.60 earnings per share. As a group, equities research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

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

Hubbell Dividend Announcement

The firm also recently announced 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. This represents a $5.28 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Friday, May 30th. Hubbell's dividend payout ratio (DPR) is currently 35.72%.

Wall Street Analyst Weigh In

A number of research analysts have commented on HUBB shares. Barclays lowered their target price 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. lifted their target price on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research note on Friday. Finally, StockNews.com lowered shares of Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $457.50.

Hubbell 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.