Artisan Partners Limited Partnership Cuts Stake in Hubbell Incorporated (NYSE:HUBB)

Artisan Partners Limited Partnership decreased its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 562,338 shares of the industrial products company’s stock after selling 14,298 shares during the quarter. Artisan Partners Limited Partnership owned about 1.05% of Hubbell worth $235,558,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. boosted its holdings in shares of Hubbell by 26.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after purchasing an additional 1,886 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Hubbell by 122.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock valued at $12,032,000 after buying an additional 15,806 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Hubbell by 7.1% during the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after buying an additional 15,215 shares in the last quarter. Nordea Investment Management AB increased its stake in Hubbell by 29.6% in the 4th quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock worth $67,503,000 after acquiring an additional 36,643 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new stake in Hubbell in the 3rd quarter worth approximately $9,985,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Performance

Shares of NYSE:HUBB opened at $346.54 on Thursday. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a 12 month low of $330.32 and a 12 month high of $481.35. The company has a market capitalization of $18.60 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 1.34 and a beta of 0.94. The firm’s 50-day moving average is $383.92 and its 200 day moving average is $419.27.

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, topping the consensus estimate of $4.02 by $0.08. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the business posted $3.69 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. Research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Friday, February 28th. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell announced that its board has authorized a stock 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 buy 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 stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. StockNews.com cut shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Company reduced their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Finally, Barclays decreased their target price on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $462.13.

Insider Transactions at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now directly owns 4,327 shares of the company’s stock, valued at $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

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.