IQ EQ FUND MANAGEMENT IRELAND Ltd Makes New $859,000 Investment in Hubbell Incorporated (NYSE:HUBB)

IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Hubbell Incorporated (NYSE:HUBB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,051 shares of the industrial products company’s stock, valued at approximately $859,000.

Several other hedge funds have also recently modified their holdings of HUBB. Salem Investment Counselors Inc. raised its stake in Hubbell by 26.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock worth $3,830,000 after buying an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Hubbell by 122.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock worth $12,032,000 after acquiring an additional 15,806 shares in the last quarter. Principal Financial Group Inc. boosted its position in Hubbell by 7.1% during 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 purchasing an additional 15,215 shares in the last quarter. Nordea Investment Management AB grew its stake in Hubbell by 29.6% in the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock valued at $67,503,000 after purchasing an additional 36,643 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new position in Hubbell in the third quarter worth about $9,985,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Stock Performance

Shares of NYSE HUBB opened at $342.04 on Friday. The company has a 50 day simple moving average of $382.09 and a two-hundred day simple moving average of $418.74. The stock has a market cap of $18.36 billion, a price-to-earnings ratio of 23.82, a PEG 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. Hubbell Incorporated has a 12 month low of $330.32 and a 12 month 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 (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the company posted $3.69 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year. As a group, analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s payout ratio is presently 36.77%.

Hubbell announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company cut 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 downgraded Hubbell from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Barclays lowered their price objective on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $462.13.

Insider Activity at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.66% of the company’s stock.

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.