Covestor Ltd Trims Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Covestor Ltd reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 29.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 108 shares of the industrial products company’s stock after selling 45 shares during the period. Covestor Ltd’s holdings in Hubbell were worth $45,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of Hubbell by 12.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 25 shares during the period. JGP Wealth Management LLC boosted its holdings in Hubbell by 1.2% in the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock worth $884,000 after buying an additional 26 shares during the period. Huntington National Bank increased its stake in Hubbell by 3.0% in the 4th quarter. Huntington National Bank now owns 886 shares of the industrial products company’s stock worth $371,000 after buying an additional 26 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Hubbell by 0.5% during the fourth quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company’s stock valued at $2,313,000 after acquiring an additional 27 shares during the period. Finally, Mindset Wealth Management LLC lifted its position 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 valued at $693,000 after acquiring an additional 27 shares in the last quarter. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Performance

NYSE:HUBB opened at $346.69 on Wednesday. The firm has a market capitalization of $18.61 billion, a PE ratio of 24.14, a PEG ratio of 1.34 and a beta of 0.95. The stock’s fifty day moving average is $354.74 and its 200 day moving average is $410.80. Hubbell Incorporated has a fifty-two week low of $299.43 and a fifty-two 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.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business’s revenue was down .9% on a year-over-year basis. During the same quarter last year, the business earned $3.69 EPS. On average, sell-side analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell declared that its Board of Directors has approved a share buyback program on Wednesday, February 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a dividend of $1.32 per share. The ex-dividend date was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.52%. Hubbell’s dividend payout ratio (DPR) is presently 36.77%.

Insider Activity

In related news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the transaction, the insider now owns 4,327 shares of the company’s stock, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HUBB shares. Barclays decreased their target price 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. Wells Fargo & Company lowered 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. JPMorgan Chase & Co. reduced their price target on shares of Hubbell from $430.00 to $352.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Hubbell has an average rating of “Hold” and a consensus price target of $449.38.

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.