Alliancebernstein L.P. Raises Stake in Hubbell Incorporated (NYSE:HUBB)

Alliancebernstein L.P. boosted its stake in Hubbell Incorporated (NYSE:HUBB) by 15.1% in the 4th quarter, Holdings Channel reports. The firm owned 75,182 shares of the industrial products company’s stock after acquiring an additional 9,872 shares during the quarter. Alliancebernstein L.P.’s holdings in Hubbell were worth $31,493,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of HUBB. Public Sector Pension Investment Board boosted its stake in Hubbell by 14.6% during the third quarter. Public Sector Pension Investment Board now owns 2,348 shares of the industrial products company’s stock valued at $1,006,000 after buying an additional 300 shares during the period. Benjamin Edwards Inc. purchased a new stake in Hubbell during the third quarter valued at about $426,000. Janus Henderson Group PLC lifted its stake in Hubbell by 11.1% during the third quarter. Janus Henderson Group PLC now owns 7,007 shares of the industrial products company’s stock worth $3,001,000 after purchasing an additional 700 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Hubbell by 165.7% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 3,175 shares of the industrial products company’s stock worth $1,360,000 after purchasing an additional 1,980 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its position in shares of Hubbell by 4.9% during the 3rd quarter. Royal London Asset Management Ltd. now owns 27,110 shares of the industrial products company’s stock valued at $11,613,000 after purchasing an additional 1,265 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.

Hubbell Price Performance

Shares of Hubbell stock opened at $315.69 on Monday. The company’s fifty day simple moving average is $367.74 and its two-hundred day simple moving average is $416.11. Hubbell Incorporated has a 12-month low of $299.43 and a 12-month high of $481.35. The firm has a market cap of $16.94 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

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

Hubbell Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell announced that its board has authorized a share buyback program on Wednesday, February 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on HUBB shares. Barclays cut their target price on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company reduced their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Finally, StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Hubbell currently has an average rating of “Hold” and an average target price of $462.13.

Insider Buying and Selling

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is owned by insiders.

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.