California Public Employees Retirement System Cuts Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

California Public Employees Retirement System lowered its stake in Hubbell Incorporated (NYSE:HUBB) by 5.0% during the 4th quarter, Holdings Channel reports. The firm owned 90,028 shares of the industrial products company’s stock after selling 4,715 shares during the quarter. California Public Employees Retirement System’s holdings in Hubbell were worth $37,712,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of HUBB. Schroder Investment Management Group increased its holdings in shares of Hubbell by 6.5% in the fourth quarter. Schroder Investment Management Group now owns 63,758 shares of the industrial products company’s stock worth $26,708,000 after purchasing an additional 3,912 shares during the last quarter. Allianz SE purchased a new position in Hubbell during the 4th quarter valued at approximately $436,000. Allstate Corp bought a new stake in Hubbell in the 4th quarter worth approximately $644,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Hubbell by 230.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 52,830 shares of the industrial products company’s stock worth $22,130,000 after acquiring an additional 36,829 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. bought a new position in shares of Hubbell during the 4th quarter valued at approximately $371,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Insider Activity

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the company’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 sale, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.66% of the company’s stock.

Hubbell Stock Up 2.7 %

NYSE:HUBB opened at $341.89 on Thursday. The stock has a fifty day simple moving average of $373.18 and a 200-day simple moving average of $417.35. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The company has a market cap of $18.35 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. Hubbell Incorporated has a twelve month low of $316.34 and a twelve month high of $481.35.

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

Hubbell announced that its Board of Directors has authorized a share repurchase plan 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 buy up to 2.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a $1.32 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.54%. Hubbell’s payout ratio is presently 36.77%.

Analyst Ratings Changes

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

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.