NEOS Investment Management LLC Raises Holdings in Hubbell Incorporated (NYSE:HUBB)

NEOS Investment Management LLC boosted its position in Hubbell Incorporated (NYSE:HUBB) by 216.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,360 shares of the industrial products company’s stock after acquiring an additional 1,615 shares during the period. NEOS Investment Management LLC’s holdings in Hubbell were worth $989,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. raised 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 period. Janney Montgomery Scott LLC grew its stake in Hubbell by 122.4% in 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 buying an additional 15,806 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Hubbell by 7.1% during 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 acquiring an additional 15,215 shares during the period. Nordea Investment Management AB lifted its position in shares of Hubbell by 29.6% during the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock worth $67,503,000 after acquiring an additional 36,643 shares in the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new position in shares of Hubbell in the third quarter worth $9,985,000. Institutional investors own 88.16% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the transaction, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Performance

Shares of HUBB opened at $331.68 on Friday. Hubbell Incorporated has a 12-month low of $330.32 and a 12-month high of $481.35. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The company has a market cap of $17.80 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. The stock has a 50-day moving average price of $379.97 and a 200-day moving average price of $418.68.

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

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a $1.32 dividend. The ex-dividend date was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.59%. Hubbell’s dividend payout ratio is presently 36.77%.

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

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.