Principal Financial Group Inc. Reduces Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Principal Financial Group Inc. reduced its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 226,710 shares of the industrial products company’s stock after selling 2,500 shares during the quarter. Principal Financial Group Inc. owned 0.42% of Hubbell worth $94,966,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of HUBB. 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 raised its holdings in shares of Hubbell by 64.6% during the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock valued at $33,000 after buying an additional 31 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Hubbell during the 3rd quarter valued at about $41,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on HUBB. 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. 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. Barclays lifted their price objective on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Finally, Sanford C. Bernstein began 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Hubbell presently has an average rating of “Hold” and an average target price of $471.50.

Hubbell Price Performance

Shares of HUBB opened at $395.20 on Wednesday. The firm has a market cap of $21.21 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 1.36 and a beta of 0.92. The stock has a 50 day moving average of $425.25 and a 200-day moving average of $423.73. The company has a current ratio of 1.64, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a 52 week low of $346.13 and a 52 week 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 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 analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm posted $3.69 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts forecast that Hubbell Incorporated will post 17.63 EPS 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 1.34%. Hubbell’s dividend payout ratio is currently 36.77%.

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.