E. Ohman J or Asset Management AB Sells 400 Shares of Hubbell Incorporated (NYSE:HUBB)

E. Ohman J or Asset Management AB cut its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 15.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,230 shares of the industrial products company’s stock after selling 400 shares during the period. E. Ohman J or Asset Management AB’s holdings in Hubbell were worth $738,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of HUBB. Smartleaf Asset Management LLC grew its stake in shares of Hubbell by 25.0% during the 4th 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 period. Portfolio Design Labs LLC purchased a new position in Hubbell during the fourth quarter valued at approximately $306,000. Atria Wealth Solutions Inc. boosted its position in shares of Hubbell by 4.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,838 shares of the industrial products company’s stock worth $770,000 after purchasing an additional 82 shares during the period. Janus Henderson Group PLC increased its stake in shares of Hubbell by 1.8% in the fourth quarter. Janus Henderson Group PLC now owns 7,130 shares of the industrial products company’s stock worth $2,988,000 after purchasing an additional 123 shares in the last quarter. Finally, Savant Capital LLC raised its position in shares of Hubbell by 5.6% during the 4th quarter. Savant Capital LLC now owns 1,329 shares of the industrial products company’s stock valued at $557,000 after purchasing an additional 71 shares during the period. Institutional investors own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Hubbell Stock Up 1.8%

Shares of HUBB stock opened at $395.53 on Friday. The company’s fifty day simple moving average is $362.37 and its two-hundred day simple moving average is $391.08. Hubbell Incorporated has a 52 week low of $299.43 and a 52 week high of $481.35. The stock has a market cap of $21.11 billion, a P/E ratio of 27.54, a PEG ratio of 1.34 and a beta of 0.99. 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 issued its 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 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 company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $3.60 earnings per share. Analysts predict that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given 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 dividend yield of 1.33%. Hubbell’s dividend payout ratio is currently 35.72%.

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

Insider Activity at Hubbell

In other news, CEO Gerben Bakker sold 7,723 shares of the business’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 transaction of $2,970,497.49. Following the transaction, the chief executive officer now owns 82,101 shares of the company’s stock, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the completion of the sale, the director now owns 1,727 shares of the company’s stock, valued at approximately $667,122.83. This represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

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.