Impax Asset Management Group plc Has $428.30 Million Holdings in Hubbell Incorporated (NYSE:HUBB)

Impax Asset Management Group plc cut its holdings in Hubbell Incorporated (NYSE:HUBB) by 14.8% in the fourth quarter, HoldingsChannel reports. The firm owned 1,024,120 shares of the industrial products company’s stock after selling 178,335 shares during the quarter. Hubbell accounts for 1.9% of Impax Asset Management Group plc’s portfolio, making the stock its 10th largest position. Impax Asset Management Group plc’s holdings in Hubbell were worth $428,301,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Mizuho Securities USA LLC raised its position in Hubbell by 192,421.1% during the third quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after purchasing an additional 7,975,855 shares during the period. State Street Corp increased its position in shares of Hubbell by 1.1% during the 3rd quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after purchasing an additional 22,507 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Hubbell by 6.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,417,476 shares of the industrial products company’s stock valued at $607,176,000 after buying an additional 82,258 shares during the period. Geode Capital Management LLC lifted its position in Hubbell by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,254,905 shares of the industrial products company’s stock worth $535,681,000 after buying an additional 8,278 shares during the last quarter. Finally, abrdn plc boosted its stake in Hubbell by 8.6% during the third quarter. abrdn plc now owns 237,543 shares of the industrial products company’s stock worth $101,931,000 after buying an additional 18,805 shares during the period. Institutional investors own 88.16% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on HUBB. Sanford C. Bernstein started coverage on shares of Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 target price on the stock. Wells Fargo & Company reduced their price objective on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Barclays upped their target price on Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Finally, Morgan Stanley raised their price target on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $471.50.

Hubbell Stock Performance

Hubbell stock opened at $376.74 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The company has a market capitalization of $20.22 billion, a PE ratio of 26.24, a P/E/G ratio of 1.34 and a beta of 0.92. The company has a 50 day moving average price of $420.03 and a 200-day moving average price of $424.45. Hubbell Incorporated has a fifty-two week low of $346.13 and a fifty-two week high of $481.35.

Hubbell (NYSE:HUBB) last issued its 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 analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $3.69 EPS. Hubbell’s revenue was down .9% on a year-over-year basis. As a group, equities analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its board has approved a stock repurchase plan on Wednesday, February 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently announced 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 1.40%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell’s payout ratio is 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.