Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Hubbell Incorporated (NYSE:HUBB)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Hubbell Incorporated (NYSE:HUBB) by 12.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,836 shares of the industrial products company’s stock after acquiring an additional 9,480 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Hubbell were worth $36,561,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of Hubbell in the 4th quarter valued at about $63,647,000. Bank of New York Mellon Corp increased its stake in Hubbell by 4.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock valued at $1,183,920,000 after purchasing an additional 129,490 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Hubbell during the fourth quarter worth approximately $40,533,000. Vontobel Holding Ltd. lifted its position in shares of Hubbell by 9,720.7% during the 4th quarter. Vontobel Holding Ltd. now owns 74,048 shares of the industrial products company’s stock worth $31,018,000 after buying an additional 73,294 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Hubbell by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock valued at $2,779,212,000 after buying an additional 65,033 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Wells Fargo & Company decreased their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $462.13.

Insider Buying and Selling

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the transaction, the insider now owns 4,327 shares in the company, 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 SEC, which can be accessed through this link. 0.66% of the stock is currently owned by corporate insiders.

Hubbell Stock Performance

Shares of HUBB stock opened at $331.68 on Friday. The stock’s 50-day moving average price is $379.97 and its 200 day moving average price is $418.68. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $17.80 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. Hubbell Incorporated has a 52-week low of $330.32 and a 52-week high of $481.35.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business earned $3.69 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. As a group, equities research analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Announces Dividend

The company also recently declared 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. 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 1.59%. Hubbell’s dividend payout ratio (DPR) is 36.77%.

Hubbell announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are 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.