Voloridge Investment Management LLC Trims Holdings in Hubbell Incorporated (NYSE:HUBB)

Voloridge Investment Management LLC decreased its holdings in Hubbell Incorporated (NYSE:HUBB) by 23.6% in the 4th quarter, Holdings Channel reports. The firm owned 47,977 shares of the industrial products company’s stock after selling 14,813 shares during the period. Voloridge Investment Management LLC’s holdings in Hubbell were worth $20,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV boosted its holdings in shares of Hubbell by 85.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 30 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in shares of Hubbell in the fourth quarter valued at about $30,000. Johnson Financial Group Inc. boosted its holdings in shares of Hubbell by 166.7% in the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 65 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Hubbell by 69.7% in the fourth quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 53 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Hubbell in the fourth quarter valued at about $69,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Insider Transactions at Hubbell

In related news, CEO Gerben Bakker sold 7,723 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the sale, the chief executive officer now owns 82,101 shares of the company’s stock, valued at approximately $31,578,507.63. This represents a 8.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, April 11th. JPMorgan Chase & Co. upped their price objective on Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Barclays dropped their price objective on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $457.50.

Hubbell Trading Up 2.0%

Shares of Hubbell stock opened at $389.37 on Friday. Hubbell Incorporated has a 12-month low of $299.43 and a 12-month high of $481.35. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The stock has a market cap of $20.78 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97. The company has a 50-day moving average of $351.04 and a two-hundred day moving average of $396.17.

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

Hubbell announced that its board has initiated a stock buyback program on Wednesday, February 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell’s dividend payout ratio (DPR) is presently 35.72%.

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.