Geode Capital Management LLC Purchases 29,601 Shares of Hubbell Incorporated (NYSE:HUBB)

Geode Capital Management LLC lifted its position in shares of Hubbell Incorporated (NYSE:HUBB) by 2.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,284,506 shares of the industrial products company’s stock after buying an additional 29,601 shares during the quarter. Geode Capital Management LLC’s holdings in Hubbell were worth $536,641,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. National Bank of Canada FI raised its stake in Hubbell by 15.2% in the 4th quarter. National Bank of Canada FI now owns 25,133 shares of the industrial products company’s stock worth $10,528,000 after purchasing an additional 3,325 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Hubbell by 10.4% during the fourth quarter. Franklin Resources Inc. now owns 109,760 shares of the industrial products company’s stock worth $45,977,000 after purchasing an additional 10,355 shares during the period. B. Metzler seel. Sohn & Co. AG raised its position in shares of Hubbell by 0.6% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 6,458 shares of the industrial products company’s stock valued at $2,705,000 after buying an additional 39 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Hubbell by 15.1% in the fourth quarter. Alliancebernstein L.P. now owns 75,182 shares of the industrial products company’s stock valued at $31,493,000 after buying an additional 9,872 shares during the period. Finally, AIA Group Ltd acquired a new stake in Hubbell during the fourth quarter worth approximately $2,011,000. Institutional investors own 88.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HUBB. Wells Fargo & Company cut their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Barclays cut their price objective on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Finally, StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Hubbell presently has a consensus rating of “Hold” and an average price target of $462.13.

Hubbell Trading Down 5.9 %

HUBB opened at $321.41 on Friday. The company has a market cap of $17.25 billion, a P/E ratio of 22.38, a PEG ratio of 1.34 and a beta of 0.95. 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’s 50 day moving average is $370.54 and its 200-day moving average is $416.68. Hubbell Incorporated has a 1-year low of $313.13 and a 1-year high of $481.35.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion for 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 company’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the business posted $3.69 earnings per share. Equities research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a $1.32 dividend. The ex-dividend date was Friday, February 28th. This represents a $5.28 annualized dividend and a yield of 1.64%. Hubbell’s dividend payout ratio is presently 36.77%.

Hubbell declared that its board has initiated a stock buyback plan on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, 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 SEC, which is available through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

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.