Essex Financial Services Inc. Lowers Stock Holdings in Hubbell Incorporated (NYSE:HUBB)

Essex Financial Services Inc. reduced its position in Hubbell Incorporated (NYSE:HUBB) by 7.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,566 shares of the industrial products company’s stock after selling 131 shares during the quarter. Essex Financial Services Inc.’s holdings in Hubbell were worth $656,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of HUBB. GAMMA Investing LLC boosted its holdings in Hubbell by 84.7% in the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 72 shares during the period. Creative Planning raised its position in shares of Hubbell by 19.3% in the third quarter. Creative Planning now owns 4,144 shares of the industrial products company’s stock worth $1,775,000 after buying an additional 671 shares in the last quarter. Swedbank AB boosted its stake in Hubbell by 5.1% during the third quarter. Swedbank AB now owns 43,308 shares of the industrial products company’s stock valued at $18,551,000 after buying an additional 2,100 shares during the period. McKinley Carter Wealth Services Inc. grew its position in Hubbell by 1.9% during the third quarter. McKinley Carter Wealth Services Inc. now owns 17,461 shares of the industrial products company’s stock worth $7,479,000 after buying an additional 332 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in Hubbell in the 3rd quarter worth about $1,071,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Price Performance

HUBB stock opened at $391.07 on Thursday. The firm has a market cap of $20.99 billion, a P/E ratio of 27.23, a P/E/G ratio of 1.36 and a beta of 0.92. The firm’s fifty day moving average is $430.98 and its 200 day moving average is $423.43. Hubbell Incorporated has a 52 week low of $346.13 and a 52 week high of $481.35. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.64.

Hubbell (NYSE:HUBB) last announced 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 return on equity of 28.62% and a net margin of 13.82%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $3.69 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts predict that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $5.28 annualized dividend and a yield of 1.35%. Hubbell’s payout ratio is currently 36.77%.

Analyst Ratings Changes

A number of analysts have recently issued reports on HUBB shares. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and dropped their price target for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. Sanford C. Bernstein began coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 target price for the company. Barclays increased their price target on shares of Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Morgan Stanley lifted their price objective on shares of Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company reduced their target price 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. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell presently has a consensus rating of “Hold” and an average price target of $471.50.

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.