New York State Common Retirement Fund Reduces Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

New York State Common Retirement Fund reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 75,600 shares of the industrial products company’s stock after selling 2,200 shares during the quarter. New York State Common Retirement Fund owned 0.14% of Hubbell worth $31,668,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Groupama Asset Managment raised its holdings in shares of Hubbell by 17.0% during the 3rd quarter. Groupama Asset Managment now owns 6,955 shares of the industrial products company’s stock valued at $30,000 after buying an additional 1,010 shares during the period. Stonebridge Financial Group LLC purchased a new stake in shares of Hubbell during the 4th quarter valued at about $30,000. Prospera Private Wealth LLC purchased a new stake in shares of Hubbell during the 3rd quarter valued at about $33,000. Versant Capital Management Inc increased its holdings in Hubbell by 64.6% during the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 31 shares during the last quarter. Finally, Ashton Thomas Securities LLC purchased a new stake in Hubbell during the 3rd quarter worth approximately $41,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a report on Monday. Morgan Stanley lifted their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Sanford C. Bernstein assumed coverage on Hubbell in a report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective on the stock. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $471.50.

Hubbell Price Performance

Shares of NYSE HUBB opened at $389.04 on Friday. Hubbell Incorporated has a twelve month low of $346.13 and a twelve month high of $481.35. 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 capitalization of $20.88 billion, a price-to-earnings ratio of 27.09, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The business has a 50 day simple moving average of $421.57 and a 200-day simple moving average of $423.47.

Hubbell (NYSE:HUBB) last issued its quarterly 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. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $3.69 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts expect that Hubbell Incorporated will post 17.63 earnings per share for the current year.

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

Hubbell Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.36%. Hubbell’s dividend payout ratio is currently 36.77%.

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.