DnB Asset Management AS Has $15.59 Million Stake in Hubbell Incorporated (NYSE:HUBB)

DnB Asset Management AS reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 22.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,221 shares of the industrial products company’s stock after selling 10,771 shares during the quarter. DnB Asset Management AS owned 0.07% of Hubbell worth $15,592,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Hubbell by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock valued at $2,779,212,000 after purchasing an additional 65,033 shares during the last quarter. Bank of New York Mellon Corp grew its position in Hubbell by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock valued at $1,183,920,000 after acquiring an additional 129,490 shares during the last quarter. State Street Corp grew its position in Hubbell by 1.1% in the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after acquiring an additional 22,507 shares during the last quarter. Geode Capital Management LLC raised its stake in Hubbell by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,254,905 shares of the industrial products company’s stock worth $535,681,000 after acquiring an additional 8,278 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Hubbell in the fourth quarter worth about $195,218,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

HUBB has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price objective 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. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Barclays reduced their price objective on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $462.13.

Insiders Place Their Bets

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.66% of the company’s stock.

Hubbell Trading Down 3.0 %

Shares of HUBB stock opened at $331.68 on Friday. The stock has a 50-day moving average of $379.97 and a 200-day moving average of $418.41. 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 stock has a market cap of $17.80 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 1.34 and a beta of 0.94. Hubbell Incorporated has a 1-year low of $330.32 and a 1-year high of $481.35.

Hubbell (NYSE:HUBB) last released its quarterly 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. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business earned $3.69 EPS. The company’s revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The company also recently declared 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 of this dividend was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.59%. Hubbell’s dividend payout ratio (DPR) is currently 36.77%.

Hubbell declared that its Board of Directors has initiated a stock buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

Hubbell Company 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.