Shell Asset Management Co. Reduces Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Shell Asset Management Co. reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 3.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,501 shares of the industrial products company’s stock after selling 51 shares during the quarter. Shell Asset Management Co.’s holdings in Hubbell were worth $629,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Hubbell during the 4th quarter valued at approximately $195,218,000. Marshall Wace LLP grew its position in shares of Hubbell by 418.1% in the 4th quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company’s stock worth $128,620,000 after acquiring an additional 247,786 shares in the last quarter. Bain Capital Public Equity Management II LLC acquired a new position in shares of Hubbell in the 4th quarter worth approximately $95,868,000. PointState Capital LP acquired a new position in shares of Hubbell in the 4th quarter worth approximately $78,443,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Hubbell in the 4th quarter worth approximately $63,647,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Trading Up 1.4%

NYSE:HUBB opened at $392.16 on Monday. Hubbell Incorporated has a 12-month low of $299.43 and a 12-month high of $481.35. The firm has a market capitalization of $20.93 billion, a P/E ratio of 27.31, a P/E/G ratio of 1.34 and a beta of 0.97. 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 business has a 50 day simple moving average of $347.05 and a 200 day simple moving average of $396.80.

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

Hubbell declared that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $1.32 per share. The ex-dividend date is Friday, May 30th. This represents a $5.28 dividend on an annualized basis and a yield of 1.35%. Hubbell’s dividend payout ratio (DPR) is presently 35.72%.

Insiders Place Their Bets

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the transaction, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gerben Bakker sold 7,723 shares of the business’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the transaction, the chief executive officer now owns 82,101 shares of the company’s stock, valued at $31,578,507.63. This trade represents a 8.60% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays decreased their target price 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. StockNews.com lowered Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. lifted their target price on Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $457.50.

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.