Hubbell Incorporated (NYSE:HUBB) Shares Acquired by Truist Financial Corp

Truist Financial Corp lifted its position in shares of Hubbell Incorporated (NYSE:HUBB) by 3.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,967 shares of the industrial products company’s stock after buying an additional 485 shares during the quarter. Truist Financial Corp’s holdings in Hubbell were worth $6,688,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Asset Management Inc raised its stake in shares of Hubbell by 4.6% during the 4th quarter. CIBC Asset Management Inc now owns 8,176 shares of the industrial products company’s stock worth $3,425,000 after buying an additional 357 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of Hubbell by 0.5% during the 4th quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company’s stock worth $2,313,000 after buying an additional 27 shares during the last quarter. Allworth Financial LP raised its stake in shares of Hubbell by 121.7% during the 4th quarter. Allworth Financial LP now owns 532 shares of the industrial products company’s stock worth $243,000 after buying an additional 292 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Hubbell by 36.6% during the 4th quarter. Principal Securities Inc. now owns 280 shares of the industrial products company’s stock worth $117,000 after buying an additional 75 shares during the last quarter. Finally, Everhart Financial Group Inc. raised its stake in shares of Hubbell by 7.9% during the 4th quarter. Everhart Financial Group Inc. now owns 1,876 shares of the industrial products company’s stock worth $786,000 after buying an additional 137 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and cut their price target for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Barclays lifted their price objective on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Sanford C. Bernstein initiated coverage on Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective for the company. Wells Fargo & Company dropped their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley lifted their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $471.50.

Hubbell Stock Down 3.3 %

HUBB opened at $376.74 on Friday. 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 market capitalization of $20.22 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The business has a 50-day moving average of $420.03 and a two-hundred day moving average of $423.99. Hubbell Incorporated has a 12 month low of $346.13 and a 12 month high of $481.35.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating the consensus estimate of $4.02 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.69 EPS. On average, research analysts expect that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is 36.77%.

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

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.