Hubbell Incorporated (NYSE:HUBB) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 1.1% in the fourth quarter, HoldingsChannel reports. The fund owned 226,710 shares of the industrial products company’s stock after selling 2,500 shares during the period. Principal Financial Group Inc.’s holdings in Hubbell were worth $94,966,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Groupama Asset Managment boosted its position in Hubbell by 17.0% during the 3rd quarter. Groupama Asset Managment now owns 6,955 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 1,010 shares during the period. Stonebridge Financial Group LLC acquired a new position in Hubbell during the 4th quarter worth $30,000. Prospera Private Wealth LLC acquired a new position in Hubbell during the 3rd quarter worth $33,000. Versant Capital Management Inc boosted its position in Hubbell by 64.6% during the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 31 shares during the period. Finally, Ashton Thomas Securities LLC acquired a new position in Hubbell during the 3rd quarter worth $41,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Stock Performance

Shares of HUBB stock opened at $395.20 on Wednesday. Hubbell Incorporated has a 1-year low of $346.13 and a 1-year high of $481.35. The company has a current ratio of 1.64, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $21.21 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 1.36 and a beta of 0.92. The stock’s fifty day simple moving average is $425.25 and its 200-day simple moving average is $423.73.

Hubbell (NYSE:HUBB) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company posted $3.69 earnings per share. Hubbell’s revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell declared that its Board of Directors has approved a share repurchase 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 reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hubbell Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $1.32 dividend. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.34%. Hubbell’s dividend payout ratio (DPR) is currently 36.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a research note on Monday. Wells Fargo & Company dropped their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Barclays boosted their price objective on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Morgan Stanley boosted their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and cut their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $471.50.

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.