Toronto Dominion Bank Purchases 10,667 Shares of Hubbell Incorporated (NYSE:HUBB)

Toronto Dominion Bank lifted its position in shares of Hubbell Incorporated (NYSE:HUBB) by 59.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 28,719 shares of the industrial products company’s stock after purchasing an additional 10,667 shares during the quarter. Toronto Dominion Bank’s holdings in Hubbell were worth $12,030,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HUBB. Park Avenue Securities LLC increased its stake in shares of Hubbell by 20.7% during the fourth quarter. Park Avenue Securities LLC now owns 2,583 shares of the industrial products company’s stock valued at $1,082,000 after buying an additional 443 shares during the period. HB Wealth Management LLC boosted its holdings in Hubbell by 16.3% in the fourth quarter. HB Wealth Management LLC now owns 786 shares of the industrial products company’s stock valued at $329,000 after acquiring an additional 110 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Hubbell by 12.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 228 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 25 shares during the period. Ballentine Partners LLC increased its position in Hubbell by 4.1% during the 4th quarter. Ballentine Partners LLC now owns 995 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 39 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Hubbell by 2.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,752 shares of the industrial products company’s stock worth $2,409,000 after purchasing an additional 151 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.

Hubbell Trading Down 0.3%

NYSE:HUBB opened at $389.47 on Wednesday. The firm has a market capitalization of $20.79 billion, a P/E ratio of 27.12, a PEG ratio of 1.34 and a beta of 0.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. Hubbell Incorporated has a one year low of $299.43 and a one year high of $481.35. The company’s 50-day simple moving average is $349.32 and its 200 day simple moving average is $396.51.

Hubbell (NYSE:HUBB) last issued 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). The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.39 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.60 earnings per share. As a group, analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

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

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.32 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.36%. Hubbell’s dividend payout ratio is currently 35.72%.

Insider Activity

In other Hubbell news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total transaction of $2,970,497.49. Following the sale, the chief executive officer now directly owns 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alyssa R. Flynn sold 1,164 shares of Hubbell 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 sale, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on HUBB shares. Barclays cut their target price 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. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. increased their target price on Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $457.50.

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.