Bank of New York Mellon Corp Has $1.18 Billion Stake in Hubbell Incorporated (NYSE:HUBB)

Bank of New York Mellon Corp raised its stake in Hubbell Incorporated (NYSE:HUBB) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,826,327 shares of the industrial products company’s stock after acquiring an additional 129,490 shares during the quarter. Bank of New York Mellon Corp owned approximately 5.27% of Hubbell worth $1,183,920,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mizuho Securities USA LLC lifted its stake in shares of Hubbell by 192,421.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after acquiring an additional 7,975,855 shares during the last quarter. Impax Asset Management Group plc increased its holdings in Hubbell by 30.3% in the 3rd quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after purchasing an additional 279,654 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Hubbell by 268.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 231,130 shares of the industrial products company’s stock valued at $99,005,000 after purchasing an additional 168,380 shares during the last quarter. LGT Capital Partners LTD. acquired a new stake in shares of Hubbell during the third quarter valued at about $39,687,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Hubbell by 6.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,417,476 shares of the industrial products company’s stock worth $607,176,000 after purchasing an additional 82,258 shares during the last quarter. 88.16% of the stock is owned by institutional investors.

Insider Activity at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.66% of the stock is owned by insiders.

Hubbell Stock Down 2.5 %

Shares of Hubbell stock opened at $368.20 on Tuesday. The stock’s 50-day moving average is $418.28 and its 200 day moving average is $424.41. Hubbell Incorporated has a one year low of $346.13 and a one year high of $481.35. The firm has a market cap of $19.76 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.34 and a beta of 0.92. 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 (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.69 EPS. Equities research analysts anticipate that Hubbell Incorporated will post 17.63 EPS for the current year.

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

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $1.32 dividend. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.43%. Hubbell’s dividend payout ratio is presently 36.77%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barclays lifted their target price on shares of Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Sanford C. Bernstein started coverage on Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Morgan Stanley lifted their target price on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and decreased their price target for the company from $493.00 to $473.00 in a research note on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $471.50.

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.