Massachusetts Financial Services Co. MA Purchases 92,954 Shares of Hubbell Incorporated (NYSE:HUBB)

Massachusetts Financial Services Co. MA increased its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,510,430 shares of the industrial products company’s stock after buying an additional 92,954 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.81% of Hubbell worth $632,704,000 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 HUBB. Public Sector Pension Investment Board grew its position in shares of Hubbell by 14.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 2,348 shares of the industrial products company’s stock valued at $1,006,000 after purchasing an additional 300 shares during the period. Benjamin Edwards Inc. acquired a new position in shares of Hubbell in the third quarter valued at approximately $426,000. Hilltop Holdings Inc. increased its position in shares of Hubbell by 5.7% during the third quarter. Hilltop Holdings Inc. now owns 2,361 shares of the industrial products company’s stock worth $1,011,000 after acquiring an additional 128 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Hubbell by 11.1% during the third quarter. Janus Henderson Group PLC now owns 7,007 shares of the industrial products company’s stock worth $3,001,000 after acquiring an additional 700 shares during the period. Finally, Investment Management Corp of Ontario lifted its position in Hubbell by 50.7% in the 3rd quarter. Investment Management Corp of Ontario now owns 1,784 shares of the industrial products company’s stock valued at $764,000 after acquiring an additional 600 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on HUBB shares. Barclays dropped their price target on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. 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 report on Tuesday, January 7th. Finally, StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $462.13.

Hubbell Stock Up 2.7 %

HUBB stock opened at $341.89 on Thursday. Hubbell Incorporated has a twelve month low of $316.34 and a twelve month high of $481.35. The company has a market cap of $18.35 billion, a price-to-earnings ratio of 23.81, a P/E/G ratio of 1.34 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average price of $373.18 and a two-hundred day moving average price of $417.35.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share 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 the consensus estimate of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company earned $3.69 earnings per share. Analysts anticipate that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s payout ratio is currently 36.77%.

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

Insiders Place Their Bets

In other Hubbell 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 value of $452,865.84. Following the transaction, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

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.