TIAA Trust National Association Reduces Position in Hubbell Incorporated (NYSE:HUBB)

TIAA Trust National Association trimmed its holdings in Hubbell Incorporated (NYSE:HUBB) by 1.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,870 shares of the industrial products company’s stock after selling 56 shares during the quarter. TIAA Trust National Association’s holdings in Hubbell were worth $2,040,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of HUBB. Corebridge Financial Inc. lifted its position in shares of Hubbell by 0.8% during the fourth quarter. Corebridge Financial Inc. now owns 13,602 shares of the industrial products company’s stock worth $5,698,000 after purchasing an additional 114 shares during the last quarter. Vanguard Group Inc. increased its stake in Hubbell by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock worth $2,779,212,000 after buying an additional 65,033 shares during the period. LPL Financial LLC lifted its holdings in Hubbell by 12.2% during the 4th quarter. LPL Financial LLC now owns 25,158 shares of the industrial products company’s stock valued at $10,538,000 after buying an additional 2,742 shares in the last quarter. Blueprint Investment Partners LLC purchased a new stake in Hubbell in the 4th quarter valued at about $1,852,000. Finally, KLP Kapitalforvaltning AS bought a new position in Hubbell in the 4th quarter worth about $7,498,000. 88.16% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the sale, the insider now owns 4,327 shares of the company’s stock, valued at $1,683,462.62. This represents 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 hyperlink. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Down 2.0 %

HUBB stock opened at $346.54 on Thursday. The firm’s fifty day simple moving average is $383.92 and its 200-day simple moving average is $419.27. The company has a market capitalization of $18.60 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. Hubbell Incorporated has a 12 month low of $330.32 and a 12 month high of $481.35.

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

Hubbell announced that its board has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.52%. Hubbell’s dividend payout ratio (DPR) is 36.77%.

Analyst Ratings Changes

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

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.