Wells Fargo & Company MN Grows Stake in Hubbell Incorporated (NYSE:HUBB)

Wells Fargo & Company MN grew its holdings in Hubbell Incorporated (NYSE:HUBB) by 7.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 125,775 shares of the industrial products company’s stock after acquiring an additional 8,662 shares during the quarter. Wells Fargo & Company MN owned about 0.23% of Hubbell worth $52,686,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in HUBB. MassMutual Private Wealth & Trust FSB lifted its position in Hubbell by 12.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 25 shares during the period. JGP Wealth Management LLC increased its stake in Hubbell by 1.2% in the fourth quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock valued at $884,000 after purchasing an additional 26 shares during the last quarter. Huntington National Bank grew its position in Hubbell by 3.0% during the fourth quarter. Huntington National Bank now owns 886 shares of the industrial products company’s stock valued at $371,000 after acquiring an additional 26 shares during the period. Sanctuary Advisors LLC boosted its position in shares of Hubbell by 0.5% in the fourth 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 period. Finally, Mindset Wealth Management LLC boosted its position in shares of Hubbell by 1.7% in the fourth quarter. Mindset Wealth Management LLC now owns 1,655 shares of the industrial products company’s stock worth $693,000 after buying an additional 27 shares during the period. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Price Performance

HUBB opened at $352.43 on Thursday. The company has a fifty day moving average price of $358.96 and a two-hundred day moving average price of $412.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. Hubbell Incorporated has a 52 week low of $299.43 and a 52 week high of $481.35. The firm has a market capitalization of $18.91 billion, a PE ratio of 24.54, a P/E/G ratio of 1.34 and a beta of 0.95.

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

Hubbell announced that its Board of Directors has approved a stock repurchase 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 repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is 36.77%.

Insider Activity

In related news, 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 value of $452,865.84. Following the completion of the transaction, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on HUBB. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday, April 3rd. Barclays reduced their target price on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Wells Fargo & Company cut their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price target on Hubbell from $430.00 to $352.00 and set a “neutral” rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $449.38.

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.