Suncoast Equity Management Grows Stock Position in Hubbell Incorporated (NYSE:HUBB)

Suncoast Equity Management increased its holdings in Hubbell Incorporated (NYSE:HUBB) by 8.7% in the 4th quarter, HoldingsChannel reports. The fund owned 2,676 shares of the industrial products company’s stock after purchasing an additional 215 shares during the quarter. Suncoast Equity Management’s holdings in Hubbell were worth $1,121,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in HUBB. Creative Planning grew its holdings in shares of Hubbell by 19.3% during the 3rd quarter. Creative Planning now owns 4,144 shares of the industrial products company’s stock worth $1,775,000 after purchasing an additional 671 shares during the period. Blue Trust Inc. lifted its position in Hubbell by 61.9% in the third quarter. Blue Trust Inc. now owns 518 shares of the industrial products company’s stock valued at $222,000 after buying an additional 198 shares during the last quarter. Raymond James & Associates boosted its stake in Hubbell by 1.6% during the third quarter. Raymond James & Associates now owns 60,582 shares of the industrial products company’s stock worth $25,950,000 after buying an additional 931 shares during the period. OLD National Bancorp IN increased its position in shares of Hubbell by 3.8% during the third quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company’s stock valued at $255,000 after acquiring an additional 22 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of Hubbell by 2.6% during the third quarter. Sequoia Financial Advisors LLC now owns 5,889 shares of the industrial products company’s stock valued at $2,523,000 after acquiring an additional 152 shares during the last quarter. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HUBB. Wells Fargo & Company decreased their price objective 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. Barclays raised their price target on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Sanford C. Bernstein started coverage on Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and decreased their target price for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Finally, Morgan Stanley raised their target price on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Hubbell presently has a consensus rating of “Hold” and an average target price of $471.50.

Hubbell Trading Down 0.9 %

NYSE:HUBB opened at $389.04 on Friday. Hubbell Incorporated has a 12-month low of $346.13 and a 12-month high of $481.35. The firm has a market cap of $20.88 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92. 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 fifty day moving average price of $421.57 and a 200 day moving average price of $423.47.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the business posted $3.69 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders 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 (DPR) is presently 36.77%.

Hubbell announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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.