Allstate Corp Invests $644,000 in Hubbell Incorporated (NYSE:HUBB)

Allstate Corp bought a new stake in Hubbell Incorporated (NYSE:HUBB) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,538 shares of the industrial products company’s stock, valued at approximately $644,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of HUBB. Vanguard Group Inc. grew its stake in shares of Hubbell by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock valued at $2,779,212,000 after buying an additional 65,033 shares during the period. Bank of New York Mellon Corp boosted its holdings in Hubbell by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock valued at $1,183,920,000 after acquiring an additional 129,490 shares during the last quarter. State Street Corp grew its position in Hubbell by 1.1% during the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after acquiring an additional 22,507 shares during the period. Geode Capital Management LLC increased its stake in Hubbell by 0.7% during 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 acquiring an additional 8,278 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Hubbell in the 4th quarter worth about $195,218,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Price Performance

Shares of HUBB stock opened at $331.08 on Tuesday. Hubbell Incorporated has a twelve month low of $316.34 and a twelve month high of $481.35. The company has a market capitalization of $17.77 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. 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 firm has a fifty day simple moving average of $377.84 and a 200-day simple moving average of $418.38.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data 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 net margin of 13.82% and a return on equity of 28.62%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company posted $3.69 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Equities research analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a yield of 1.59%. Hubbell’s dividend payout ratio is presently 36.77%.

Hubbell declared that its board has approved a share buyback program on Wednesday, February 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

HUBB has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Barclays dropped their price objective on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Finally, StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $462.13.

Insider Buying and Selling at Hubbell

In other 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 owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is currently owned by corporate insiders.

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.