Toronto Dominion Bank Buys 10,667 Shares of Hubbell Incorporated (NYSE:HUBB)

Toronto Dominion Bank grew its stake in Hubbell Incorporated (NYSE:HUBB) by 59.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,719 shares of the industrial products company’s stock after purchasing an additional 10,667 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of Hubbell worth $12,030,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Hubbell by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock worth $2,779,212,000 after buying an additional 65,033 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Hubbell by 4.8% during 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 acquiring an additional 129,490 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Hubbell by 6.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,510,430 shares of the industrial products company’s stock valued at $632,704,000 after acquiring an additional 92,954 shares during the last quarter. Invesco Ltd. lifted its holdings in Hubbell by 1.9% during the fourth quarter. Invesco Ltd. now owns 1,490,479 shares of the industrial products company’s stock worth $624,347,000 after acquiring an additional 27,914 shares during the period. Finally, Geode Capital Management LLC boosted its position in Hubbell by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,284,506 shares of the industrial products company’s stock worth $536,641,000 after purchasing an additional 29,601 shares during the last quarter. Institutional investors own 88.16% of the company’s stock.

Hubbell Trading Down 0.3%

Shares of Hubbell stock opened at $389.47 on Wednesday. The stock has a market capitalization of $20.79 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.34 and a beta of 0.97. Hubbell Incorporated has a 52-week low of $299.43 and a 52-week high of $481.35. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The stock’s 50-day simple moving average is $349.32 and its 200 day simple moving average is $396.51.

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

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

Hubbell Announces Dividend

The business also recently announced 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 of this dividend is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.36%. Hubbell’s dividend payout ratio is currently 35.72%.

Insiders Place Their Bets

In other news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,683,462.62. The trade was 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. Also, CEO Gerben Bakker sold 7,723 shares of the company’s stock in a transaction that occurred 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 owns 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HUBB. StockNews.com lowered Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. JPMorgan Chase & Co. raised their price objective on shares of Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Barclays lowered their price objective on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $457.50.

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.