JPMorgan Chase & Co. Trims Holdings in Hubbell Incorporated (NYSE:HUBB)

JPMorgan Chase & Co. decreased its holdings in shares of Hubbell Incorporated (NYSE:HUBB) by 20.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,434,916 shares of the industrial products company’s stock after selling 371,714 shares during the period. JPMorgan Chase & Co. owned 2.67% of Hubbell worth $601,072,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Creative Financial Designs Inc. ADV lifted its stake in Hubbell by 85.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 30 shares during the period. Stonebridge Financial Group LLC bought a new position in Hubbell in the 4th quarter worth $30,000. Versant Capital Management Inc lifted its position in shares of Hubbell by 64.6% in the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 31 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of Hubbell by 69.7% during the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 53 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in shares of Hubbell during the fourth quarter valued at about $69,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Stock Down 3.0 %

NYSE:HUBB opened at $331.68 on Friday. The firm has a 50-day simple moving average of $379.97 and a two-hundred day simple moving average of $418.41. The firm has a market cap of $17.80 billion, a P/E ratio of 23.10, a P/E/G ratio of 1.34 and a beta of 0.94. Hubbell Incorporated has a fifty-two week low of $330.32 and a fifty-two week high of $481.35. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64.

Hubbell (NYSE:HUBB) last released its quarterly earnings data 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. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm posted $3.69 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. Analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current fiscal year.

Hubbell announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $500.00 million in 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 usually a sign that the company’s management believes its stock is undervalued.

Hubbell Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders 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 dividend yield of 1.59%. The ex-dividend date was Friday, February 28th. Hubbell’s payout ratio is presently 36.77%.

Insider Activity

In other Hubbell 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 value of $452,865.84. Following the transaction, the insider now owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HUBB has been the subject of several research analyst reports. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company reduced their price target 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. Finally, Barclays lowered their price objective on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $462.13.

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.