Mufg Securities Americas Inc. Purchases New Holdings in Hubbell Incorporated (NYSE:HUBB)

Mufg Securities Americas Inc. bought a new position in shares of Hubbell Incorporated (NYSE:HUBB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 792 shares of the industrial products company's stock, valued at approximately $332,000.

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

Insiders Place Their Bets

In related news, insider Alyssa R. Flynn sold 1,164 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the transaction, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gerben Bakker sold 7,723 shares of Hubbell 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 sale, the chief executive officer now directly owns 82,101 shares in the company, valued at approximately $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 owned by company insiders.

Analyst Upgrades and Downgrades

HUBB has been the subject of several analyst reports. Barclays cut their target price on shares of Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 26th. JPMorgan Chase & Co. boosted their price objective on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, StockNews.com downgraded 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 given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $457.50.

Hubbell Trading Down 1.7%

NYSE:HUBB traded down $6.80 during trading hours on Wednesday, reaching $382.28. 831,871 shares of the company were exchanged, compared to its average volume of 533,062. The firm has a market cap of $20.40 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 1.34 and a beta of 0.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The stock has a 50 day simple moving average of $349.32 and a 200 day simple moving average of $396.51. 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 issued its earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 28.62% and a net margin of 13.82%. Hubbell's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.60 EPS. As a group, analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

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

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors 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 1.38%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell's dividend payout ratio is currently 35.72%.

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.