Wellington Management Group LLP Sells 10,217 Shares of Hubbell Incorporated (NYSE:HUBB)

Wellington Management Group LLP lessened its stake in Hubbell Incorporated (NYSE:HUBB) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,806 shares of the industrial products company’s stock after selling 10,217 shares during the period. Wellington Management Group LLP’s holdings in Hubbell were worth $59,820,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV lifted its position in Hubbell by 85.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 30 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in Hubbell during the 4th quarter valued at $30,000. Johnson Financial Group Inc. raised its holdings in Hubbell by 166.7% during the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company’s stock valued at $44,000 after buying an additional 65 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Hubbell by 69.7% during the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after buying an additional 53 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of Hubbell during the fourth quarter valued at about $69,000. Institutional investors own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on HUBB shares. Wall Street Zen downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Friday, April 11th. Barclays lowered their price target on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. upped their price target on Hubbell from $352.00 to $417.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $457.50.

Hubbell Price Performance

HUBB stock opened at $397.41 on Friday. Hubbell Incorporated has a 1 year low of $299.43 and a 1 year high of $481.35. The company has a market cap of $21.21 billion, a P/E ratio of 27.68, a PEG ratio of 1.34 and a beta of 0.97. The firm has a 50-day moving average of $356.40 and a 200 day moving average of $393.83. 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 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 return on equity of 28.62% and a net margin of 13.82%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the company posted $3.60 EPS. The firm’s revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Announces Dividend

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 paid a $1.32 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.33%. Hubbell’s payout ratio is 35.72%.

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

Insider Buying and Selling

In other news, CEO Gerben Bakker sold 7,723 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total transaction of $2,970,497.49. Following the completion of the transaction, the chief executive officer now directly owns 82,101 shares in the company, valued at $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total value of $154,516.00. Following the transaction, the director now owns 1,727 shares of the company’s stock, valued at $667,122.83. The trade was a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.76% of the stock is owned by company insiders.

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.