Handelsbanken Fonder AB Has $22.56 Million Stake in Hubbell Incorporated (NYSE:HUBB)

Handelsbanken Fonder AB grew its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 41.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 53,858 shares of the industrial products company’s stock after purchasing an additional 15,719 shares during the quarter. Handelsbanken Fonder AB’s holdings in Hubbell were worth $22,561,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Stonebridge Financial Group LLC bought a new position in shares of Hubbell in the fourth quarter valued at approximately $30,000. Prospera Private Wealth LLC bought a new position in Hubbell during the third quarter valued at about $33,000. Versant Capital Management Inc increased its stake 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 worth $33,000 after purchasing an additional 31 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Hubbell in the third quarter worth $41,000. Finally, Venturi Wealth Management LLC raised its stake in Hubbell by 69.7% in the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 53 shares during the period. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Hubbell Trading Down 0.9 %

Shares of HUBB opened at $389.04 on Friday. Hubbell Incorporated has a fifty-two week low of $346.13 and a fifty-two week high of $481.35. The firm has a market cap of $20.88 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 1.36 and a beta of 0.92. The firm has a 50 day moving average price of $421.57 and a 200-day moving average price of $423.47. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the company earned $3.69 EPS. The firm’s revenue was down .9% compared to the same quarter last year. As a group, equities research analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell declared that its Board of Directors has approved a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell’s dividend payout ratio is presently 36.77%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on Hubbell in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target for the company. Morgan Stanley boosted 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. Wells Fargo & Company lowered their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Barclays increased their price target on shares of Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. 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 has a consensus rating of “Hold” and a consensus target price of $471.50.

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.