Hubbell Incorporated (NYSE:HUBB) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Hubbell Incorporated (NYSE:HUBB) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,836 shares of the industrial products company’s stock after acquiring an additional 9,480 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of Hubbell worth $36,561,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Hubbell by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock valued at $2,779,212,000 after acquiring an additional 65,033 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Hubbell by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock valued at $1,183,920,000 after purchasing an additional 129,490 shares in the last quarter. State Street Corp increased its holdings in shares of Hubbell by 1.1% in the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after purchasing an additional 22,507 shares during the last quarter. Geode Capital Management LLC lifted its position in Hubbell by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,254,905 shares of the industrial products company’s stock worth $535,681,000 after buying an additional 8,278 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Hubbell by 1.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 350,367 shares of the industrial products company’s stock worth $146,765,000 after buying an additional 3,586 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Price Performance

Shares of HUBB opened at $331.68 on Friday. The firm has a 50-day simple moving average of $379.97 and a two-hundred day simple moving average of $418.68. The stock has a market cap of $17.80 billion, a PE ratio of 23.10, a P/E/G ratio of 1.34 and a beta of 0.94. Hubbell Incorporated has a 1-year low of $330.32 and a 1-year high of $481.35. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98.

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

Hubbell announced that its board has initiated a share buyback program 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 programs are often an indication that the company’s leadership believes its shares are undervalued.

Hubbell Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is 36.77%.

Insider Buying and Selling at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HUBB shares. Wells Fargo & Company reduced their price target on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Barclays reduced their target price on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, StockNews.com cut shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Hubbell currently has a consensus rating of “Hold” and a consensus price target of $462.13.

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.