Principal Financial Group Inc. Increases Stake in Hubbell Incorporated (NYSE:HUBB)

Principal Financial Group Inc. grew its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 5.3% in the second quarter, HoldingsChannel.com reports. The firm owned 213,995 shares of the industrial products company’s stock after buying an additional 10,727 shares during the quarter. Principal Financial Group Inc.’s holdings in Hubbell were worth $78,211,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Hubbell by 15.9% during the 4th quarter. Vanguard Group Inc. now owns 6,696,582 shares of the industrial products company’s stock valued at $2,202,707,000 after buying an additional 918,808 shares during the last quarter. Norges Bank purchased a new stake in shares of Hubbell during the fourth quarter worth about $143,024,000. Bank of New York Mellon Corp grew its stake in shares of Hubbell by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock worth $743,970,000 after purchasing an additional 291,850 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Hubbell by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock valued at $821,989,000 after purchasing an additional 286,134 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Hubbell by 24.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,268,560 shares of the industrial products company’s stock worth $417,267,000 after buying an additional 248,493 shares during the period. Institutional investors own 88.16% of the company’s stock.

Insider Activity

In related news, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now owns 1,670 shares in the company, valued at approximately $608,781.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the transaction, the chief executive officer now owns 66,415 shares in the company, valued at $24,861,791.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Hubbell Stock Up 1.4 %

NYSE HUBB traded up $5.60 during trading hours on Friday, reaching $399.92. 594,003 shares of the company’s stock traded hands, compared to its average volume of 458,424. Hubbell Incorporated has a 52-week low of $248.37 and a 52-week high of $429.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.03. The firm has a 50-day simple moving average of $374.97 and a 200 day simple moving average of $385.61. The firm has a market cap of $21.47 billion, a PE ratio of 29.82, a PEG ratio of 1.43 and a beta of 0.90.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.13. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period last year, the business earned $4.07 earnings per share. Sell-side analysts anticipate that Hubbell Incorporated will post 16.38 EPS for the current fiscal year.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $1.22 dividend. The ex-dividend date is Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.22%. Hubbell’s dividend payout ratio is currently 36.39%.

Wall Street Analysts Forecast Growth

HUBB has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Stephens reaffirmed an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Barclays reduced their price target on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $402.57.

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.