PNC Financial Services Group Inc. Has $146.77 Million Stake in Hubbell Incorporated (NYSE:HUBB)

PNC Financial Services Group Inc. lifted its holdings in Hubbell Incorporated (NYSE:HUBB) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 350,367 shares of the industrial products company’s stock after acquiring an additional 3,586 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.65% of Hubbell worth $146,765,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Salem Investment Counselors Inc. raised its position in Hubbell by 26.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after purchasing an additional 1,886 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock valued at $12,032,000 after buying an additional 15,806 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after buying an additional 15,215 shares during the last quarter. LGT Capital Partners LTD. acquired a new position in Hubbell during the 3rd quarter worth about $39,687,000. Finally, Impax Asset Management Group plc grew its holdings in Hubbell by 30.3% during the 3rd quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after acquiring an additional 279,654 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Up 2.5 %

NYSE:HUBB opened at $355.05 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a 12-month low of $337.97 and a 12-month high of $481.35. The stock’s fifty day simple moving average is $406.11 and its 200-day simple moving average is $423.15. The firm has a market capitalization of $19.05 billion, a P/E ratio of 24.73, a P/E/G ratio of 1.34 and a beta of 0.94.

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

Hubbell declared that its board has authorized a stock buyback plan on Wednesday, February 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hubbell Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Friday, February 28th. Hubbell’s dividend payout ratio is currently 36.77%.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HUBB. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and dropped their target price for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Wells Fargo & Company dropped their price objective 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. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Barclays lowered their target price on Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. Five 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 currently has an average rating of “Hold” and a consensus price target of $464.88.

Hubbell Company 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.