MJP Associates Inc. ADV Buys 587 Shares of Hubbell Incorporated (NYSE:HUBB)

MJP Associates Inc. ADV grew its stake in Hubbell Incorporated (NYSE:HUBB) by 103.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,154 shares of the industrial products company’s stock after acquiring an additional 587 shares during the period. MJP Associates Inc. ADV’s holdings in Hubbell were worth $483,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Hubbell during the 4th quarter worth approximately $195,218,000. Marshall Wace LLP grew its holdings in Hubbell by 418.1% during the fourth quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company’s stock valued at $128,620,000 after purchasing an additional 247,786 shares during the period. Bain Capital Public Equity Management II LLC acquired a new position in Hubbell during the fourth quarter valued at approximately $95,868,000. Raymond James Financial Inc. acquired a new position in Hubbell during the fourth quarter valued at approximately $63,647,000. Finally, Ameriprise Financial Inc. grew its holdings in Hubbell by 80.1% during the fourth quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company’s stock valued at $140,876,000 after purchasing an additional 149,622 shares during the period. 88.16% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the sale, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This trade represents a 21.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Hubbell Trading Up 0.6%

HUBB stock opened at $356.66 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The company’s 50-day simple moving average is $343.12 and its 200 day simple moving average is $398.64. Hubbell Incorporated has a 52 week low of $299.43 and a 52 week high of $481.35. The company has a market capitalization of $19.14 billion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $3.50 EPS for the quarter, missing the consensus estimate of $3.73 by ($0.23). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company’s revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $3.60 earnings per share. As a group, sell-side analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its board has authorized a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, May 30th. This represents a $5.28 dividend on an annualized basis and a yield of 1.48%. Hubbell’s payout ratio is 35.72%.

Wall Street Analysts Forecast Growth

HUBB has been the topic of a number of research reports. 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, March 26th. JPMorgan Chase & Co. cut their price target on shares of Hubbell from $430.00 to $352.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Friday, April 11th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $449.38.

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.