Norges Bank Makes New Investment in Hubbell Incorporated (NYSE:HUBB)

Norges Bank acquired a new stake in Hubbell Incorporated (NYSE:HUBB) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 434,817 shares of the industrial products company’s stock, valued at approximately $143,024,000. Norges Bank owned approximately 0.81% of Hubbell as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Lindbrook Capital LLC grew its holdings in Hubbell by 127.5% during the 4th quarter. Lindbrook Capital LLC now owns 91 shares of the industrial products company’s stock valued at $30,000 after buying an additional 51 shares in the last quarter. Baillie Gifford & Co. bought a new position in shares of Hubbell during the 4th quarter valued at about $33,000. Principal Securities Inc. purchased a new position in shares of Hubbell during the fourth quarter valued at about $40,000. Sentry Investment Management LLC bought a new stake in shares of Hubbell in the fourth quarter worth about $91,000. Finally, Blue Trust Inc. lifted its position in shares of Hubbell by 43.2% in the fourth quarter. Blue Trust Inc. now owns 424 shares of the industrial products company’s stock worth $133,000 after buying an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Trading Down 0.1 %

HUBB stock opened at $400.61 on Friday. Hubbell Incorporated has a 12 month low of $248.37 and a 12 month high of $429.61. The firm’s 50-day moving average is $401.81 and its 200 day moving average is $356.29. The company has a market capitalization of $21.51 billion, a PE ratio of 29.87, a P/E/G ratio of 1.56 and a beta of 0.96. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.66 and a quick ratio of 1.03.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.06. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the company earned $3.61 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. On average, research analysts anticipate that Hubbell Incorporated will post 16.33 EPS for the current year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $1.22 dividend. The ex-dividend date is Friday, May 31st. This represents a $4.88 annualized dividend and a dividend yield of 1.22%. Hubbell’s payout ratio is presently 36.39%.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,106 shares of Hubbell stock in a transaction on Friday, May 10th. The stock was sold at an average price of $406.79, for a total value of $449,909.74. Following the transaction, the insider now directly owns 4,234 shares in the company, valued at approximately $1,722,348.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Neal J. Keating purchased 500 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $378.77 per share, with a total value of $189,385.00. Following the completion of the acquisition, the director now owns 8,571 shares of the company’s stock, valued at $3,246,437.67. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Alyssa R. Flynn sold 1,106 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $406.79, for a total value of $449,909.74. Following the sale, the insider now owns 4,234 shares of the company’s stock, valued at approximately $1,722,348.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,055 shares of company stock worth $1,232,139. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HUBB. Barclays decreased their price objective on Hubbell from $400.00 to $384.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Hubbell in a research report on Monday, March 11th. They set a “hold” rating and a $427.00 price objective for the company. StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Mizuho increased their price target on shares of Hubbell from $370.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Wells Fargo & Company decreased their price objective on Hubbell from $435.00 to $397.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 1st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $386.57.

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.