Proficio Capital Partners LLC Takes Position in Hubbell Incorporated (NYSE:HUBB)

Proficio Capital Partners LLC acquired a new stake in shares of Hubbell Incorporated (NYSE:HUBB) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 96,764 shares of the industrial products company’s stock, valued at approximately $40,533,000.

A number of other hedge funds also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB grew its stake in shares of 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 acquiring an additional 25 shares during the period. JGP Wealth Management LLC grew its stake in shares of Hubbell by 1.2% during the 4th quarter. JGP Wealth Management LLC now owns 2,110 shares of the industrial products company’s stock valued at $884,000 after acquiring an additional 26 shares during the period. Sanctuary Advisors LLC grew its stake in shares of Hubbell by 0.5% during the 4th quarter. Sanctuary Advisors LLC now owns 5,422 shares of the industrial products company’s stock valued at $2,313,000 after acquiring an additional 27 shares during the period. Avestar Capital LLC grew its stake in shares of Hubbell by 5.1% during the 3rd quarter. Avestar Capital LLC now owns 577 shares of the industrial products company’s stock valued at $247,000 after acquiring an additional 28 shares during the period. Finally, BHK Investment Advisors LLC grew its stake in shares of Hubbell by 2.3% during the 4th quarter. BHK Investment Advisors LLC now owns 1,351 shares of the industrial products company’s stock valued at $566,000 after acquiring an additional 30 shares during the period. 88.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HUBB. Barclays boosted their price objective on Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Sanford C. Bernstein began coverage on Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target for the company. Wells Fargo & Company dropped their price target on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Finally, Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and dropped their price target for the stock from $493.00 to $473.00 in a research note on Tuesday, November 26th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $471.50.

Insider Activity

In related 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 value of $452,865.84. Following the completion of the sale, the insider now directly owns 4,327 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Hubbell Stock Up 0.6 %

NYSE HUBB opened at $371.51 on Friday. 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 has a market capitalization of $19.94 billion, a P/E ratio of 25.87, a P/E/G ratio of 1.34 and a beta of 0.92. Hubbell Incorporated has a one year low of $346.13 and a one year high of $481.35. The stock has a 50 day moving average price of $414.87 and a 200-day moving average price of $423.67.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.69 EPS. As a group, equities analysts predict that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $1.32 per share. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.42%. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.