Baird Financial Group Inc. Sells 242 Shares of Hubbell Incorporated (NYSE:HUBB)

Baird Financial Group Inc. reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 4.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,062 shares of the industrial products company’s stock after selling 242 shares during the period. Baird Financial Group Inc.’s holdings in Hubbell were worth $2,120,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB raised its holdings in Hubbell by 12.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company’s stock valued at $96,000 after buying an additional 25 shares in the last quarter. JGP Wealth Management LLC increased its stake in shares of Hubbell by 1.2% in the fourth quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock worth $884,000 after purchasing an additional 26 shares during the period. Huntington National Bank increased its stake in shares of Hubbell by 3.0% in the fourth quarter. Huntington National Bank now owns 886 shares of the industrial products company’s stock worth $371,000 after purchasing an additional 26 shares during the period. Sanctuary Advisors LLC increased its stake 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 purchasing an additional 27 shares during the period. Finally, Mindset Wealth Management LLC increased its stake 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 purchasing an additional 27 shares during the period. 88.16% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the company’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 value of $452,865.84. Following the sale, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays dropped their price objective 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. dropped their price objective on Hubbell from $430.00 to $352.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, StockNews.com lowered Hubbell from a “buy” rating to a “hold” rating in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $449.38.

Hubbell Trading Up 0.6%

Shares of HUBB opened at $356.66 on Monday. Hubbell Incorporated has a 12-month low of $299.43 and a 12-month high of $481.35. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $19.14 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 1.34 and a beta of 0.97. The stock’s 50-day moving average price is $343.12 and its 200 day moving average price is $398.64.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.73 by ($0.23). Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the firm earned $3.60 earnings per share. The company’s revenue was down 2.4% on a year-over-year basis. As a group, research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its board has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.32 dividend. The ex-dividend date is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.48%. Hubbell’s dividend payout ratio is currently 35.72%.

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.