California Public Employees Retirement System Sells 4,715 Shares of Hubbell Incorporated (NYSE:HUBB)

California Public Employees Retirement System reduced its stake in Hubbell Incorporated (NYSE:HUBB) by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,028 shares of the industrial products company’s stock after selling 4,715 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Hubbell worth $37,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Schroder Investment Management Group raised its holdings in Hubbell by 6.5% in the 4th quarter. Schroder Investment Management Group now owns 63,758 shares of the industrial products company’s stock worth $26,708,000 after acquiring an additional 3,912 shares during the last quarter. Allianz SE bought a new stake in shares of Hubbell in the 4th quarter worth $436,000. Allstate Corp purchased a new position in shares of Hubbell in the fourth quarter worth $644,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Hubbell by 230.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 52,830 shares of the industrial products company’s stock valued at $22,130,000 after purchasing an additional 36,829 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. purchased a new stake in shares of Hubbell during the fourth quarter valued at $371,000. 88.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays decreased their target price on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company lowered their price objective on shares of 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 report on Thursday. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $462.13.

Insider Activity at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the transaction, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is currently owned by corporate insiders.

Hubbell Stock Performance

Shares of NYSE HUBB opened at $341.89 on Thursday. Hubbell Incorporated has a 12-month low of $316.34 and a 12-month high of $481.35. The firm has a market capitalization of $18.35 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. 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 firm has a 50 day moving average of $373.18 and a 200 day moving average of $417.35.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm posted $3.69 EPS. The company’s revenue for the quarter was down .9% compared to the same quarter last year. On average, research analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.54%. Hubbell’s payout ratio is currently 36.77%.

Hubbell announced that its board has initiated a stock repurchase program on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.