Malaga Cove Capital LLC Invests $213,000 in Hubbell Incorporated (NYSE:HUBB)

Malaga Cove Capital LLC purchased a new position in Hubbell Incorporated (NYSE:HUBB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 509 shares of the industrial products company’s stock, valued at approximately $213,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its position in shares of Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock worth $12,032,000 after purchasing an additional 15,806 shares during the last quarter. Smith Group Asset Management LLC grew its position in Hubbell by 1.6% during the fourth quarter. Smith Group Asset Management LLC now owns 67,042 shares of the industrial products company’s stock valued at $28,083,000 after acquiring an additional 1,049 shares during the last quarter. First Pacific Financial grew its position in Hubbell by 11,180.0% during the fourth quarter. First Pacific Financial now owns 1,692 shares of the industrial products company’s stock valued at $709,000 after acquiring an additional 1,677 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Hubbell by 25.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 190 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 38 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in Hubbell by 28.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 8,848 shares of the industrial products company’s stock valued at $3,706,000 after acquiring an additional 1,957 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was 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 owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This trade represents a 21.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.66% of the company’s stock.

Hubbell Stock Performance

Shares of HUBB stock opened at $385.05 on Thursday. The stock has a fifty day moving average of $344.45 and a 200 day moving average of $398.11. Hubbell Incorporated has a 52 week low of $299.43 and a 52 week high of $481.35. The firm has a market capitalization of $20.55 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.34 and a beta of 0.97. 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 (NYSE:HUBB) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $3.50 EPS for the quarter, missing analysts’ consensus estimates of $3.73 by ($0.23). Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business earned $3.60 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. As a group, research analysts expect that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are 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 given a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, May 30th. Hubbell’s dividend payout ratio is currently 35.72%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on HUBB shares. Barclays reduced 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 report on Wednesday, March 26th. StockNews.com cut shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Hubbell from $430.00 to $352.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Hubbell currently has a consensus rating of “Hold” and an average price target of $449.38.

Hubbell 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.