Corient Private Wealth LLC Trims Stake in Hubbell Incorporated (NYSE:HUBB)

Corient Private Wealth LLC reduced its position in shares of Hubbell Incorporated (NYSE:HUBB) by 3.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,808 shares of the industrial products company’s stock after selling 399 shares during the period. Corient Private Wealth LLC’s holdings in Hubbell were worth $4,946,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Ninepoint Partners LP purchased a new position in shares of Hubbell during the 4th quarter valued at $712,000. Envestnet Portfolio Solutions Inc. grew its position in Hubbell by 2.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,348 shares of the industrial products company’s stock worth $984,000 after acquiring an additional 63 shares in the last quarter. one8zero8 LLC purchased a new position in Hubbell in the fourth quarter worth $1,257,000. Natixis Advisors LLC grew its position in Hubbell by 8.9% in the fourth quarter. Natixis Advisors LLC now owns 24,450 shares of the industrial products company’s stock worth $10,242,000 after acquiring an additional 2,005 shares in the last quarter. Finally, Postrock Partners LLC purchased a new position in Hubbell in the fourth quarter worth $236,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays cut their target price on shares of Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a “buy” rating to a “hold” rating and cut their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $464.88.

Hubbell Stock Performance

Hubbell stock opened at $338.08 on Friday. The company has a market capitalization of $18.14 billion, a PE ratio of 23.54, a P/E/G ratio of 1.34 and a beta of 0.95. The firm has a fifty day simple moving average of $388.41 and a two-hundred day simple moving average of $419.45. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. Hubbell Incorporated has a twelve month low of $330.32 and a twelve month high of $481.35.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating the consensus estimate of $4.02 by $0.08. The firm had revenue of $1.33 billion during 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 company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.69 earnings per share. Research analysts expect that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is 36.77%.

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.