KLP Kapitalforvaltning AS Invests $7.50 Million in Hubbell Incorporated (NYSE:HUBB)

KLP Kapitalforvaltning AS bought a new stake in Hubbell Incorporated (NYSE:HUBB) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 17,900 shares of the industrial products company’s stock, valued at approximately $7,498,000.

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

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction 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 transaction, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Up 3.3 %

NYSE HUBB opened at $349.55 on Tuesday. Hubbell Incorporated has a 1-year low of $330.32 and a 1-year high of $481.35. The company has a market capitalization of $18.76 billion, a price-to-earnings ratio of 24.34, a PEG ratio of 1.34 and a beta of 0.94. The stock’s 50 day moving average is $387.00 and its two-hundred day moving average is $419.90. 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 (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm earned $3.69 EPS. Hubbell’s quarterly revenue was down .9% on a year-over-year basis. Equities analysts forecast that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, February 28th. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell declared that its Board of Directors has initiated a stock buyback program 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 reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered 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 report on Tuesday, November 26th. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Barclays reduced their target price on shares of Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. Finally, Wells Fargo & Company lowered their price target 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. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Hubbell has a consensus rating of “Hold” and an average 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.