Passumpsic Savings Bank Reduces Position in Hubbell Incorporated (NYSE:HUBB)

Passumpsic Savings Bank trimmed its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,657 shares of the industrial products company’s stock after selling 92 shares during the quarter. Hubbell accounts for about 2.0% of Passumpsic Savings Bank’s investment portfolio, making the stock its 18th biggest position. Passumpsic Savings Bank’s holdings in Hubbell were worth $3,207,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Suncoast Equity Management increased its holdings in Hubbell by 8.7% in the fourth quarter. Suncoast Equity Management now owns 2,676 shares of the industrial products company’s stock valued at $1,121,000 after buying an additional 215 shares during the last quarter. ING Groep NV increased its holdings in Hubbell by 32.4% in the fourth quarter. ING Groep NV now owns 6,855 shares of the industrial products company’s stock valued at $2,871,000 after buying an additional 1,676 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in Hubbell by 41.2% in the fourth quarter. Handelsbanken Fonder AB now owns 53,858 shares of the industrial products company’s stock valued at $22,561,000 after buying an additional 15,719 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in Hubbell by 4.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,838 shares of the industrial products company’s stock valued at $770,000 after buying an additional 82 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in Hubbell by 69.7% in the fourth quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after buying an additional 53 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Stock Performance

HUBB stock opened at $376.74 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The stock has a market capitalization of $20.22 billion, a price-to-earnings ratio of 26.24, a PEG ratio of 1.35 and a beta of 0.92. Hubbell Incorporated has a 1 year low of $346.13 and a 1 year high of $481.35. The stock’s fifty day moving average is $421.57 and its two-hundred day moving average is $423.47.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) 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 company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the business posted $3.69 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. On average, research analysts predict that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell’s dividend payout ratio is currently 36.77%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and lowered their price objective for the company from $493.00 to $473.00 in a report on Tuesday, November 26th. Morgan Stanley boosted their price objective on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Barclays lifted their target price on Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Sanford C. Bernstein assumed coverage on Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $471.50.

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.