Bank of New York Mellon Corp Acquires 129,490 Shares of Hubbell Incorporated (NYSE:HUBB)

Bank of New York Mellon Corp increased its holdings in Hubbell Incorporated (NYSE:HUBB) by 4.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,826,327 shares of the industrial products company’s stock after buying an additional 129,490 shares during the period. Bank of New York Mellon Corp owned 0.05% of Hubbell worth $1,183,920,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Mizuho Securities USA LLC lifted its position in shares of Hubbell by 192,421.1% during the third quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock worth $3,418,233,000 after acquiring an additional 7,975,855 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in Hubbell by 30.3% during the 3rd quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after purchasing an additional 279,654 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Hubbell by 268.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 231,130 shares of the industrial products company’s stock worth $99,005,000 after purchasing an additional 168,380 shares in the last quarter. LGT Capital Partners LTD. bought a new position in Hubbell in the 3rd quarter worth about $39,687,000. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Hubbell by 6.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,417,476 shares of the industrial products company’s stock valued at $607,176,000 after buying an additional 82,258 shares during the period. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Price Performance

Shares of Hubbell stock opened at $368.20 on Tuesday. The company has a market cap of $19.76 billion, a PE ratio of 25.64, a P/E/G ratio of 1.34 and a beta of 0.92. The business has a 50 day moving average of $418.28 and a 200 day moving average of $424.41. Hubbell Incorporated has a 52 week low of $346.13 and a 52 week high of $481.35. 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 issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping the consensus estimate of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business earned $3.69 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. As a group, equities research analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a dividend of $1.32 per share. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.43%. Hubbell’s dividend payout ratio (DPR) is currently 36.77%.

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

Analyst Ratings Changes

HUBB has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a “buy” rating to a “hold” rating and decreased their target price for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. Barclays increased their price target on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Sanford C. Bernstein assumed coverage on shares of Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Finally, Wells Fargo & Company cut their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $471.50.

Insider Buying and Selling

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is currently owned by 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.