Corebridge Financial Inc. Buys 114 Shares of Hubbell Incorporated (NYSE:HUBB)

Corebridge Financial Inc. increased its stake in shares of Hubbell Incorporated (NYSE:HUBB) by 0.8% in the 4th quarter, Holdings Channel reports. The firm owned 13,602 shares of the industrial products company’s stock after buying an additional 114 shares during the period. Corebridge Financial Inc.’s holdings in Hubbell were worth $5,698,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Hubbell by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,634,705 shares of the industrial products company’s stock valued at $2,779,212,000 after buying an additional 65,033 shares during the last quarter. LPL Financial LLC increased its position in Hubbell by 12.2% during the fourth quarter. LPL Financial LLC now owns 25,158 shares of the industrial products company’s stock valued at $10,538,000 after acquiring an additional 2,742 shares during the last quarter. Blueprint Investment Partners LLC bought a new position in Hubbell in the fourth quarter valued at about $1,852,000. KLP Kapitalforvaltning AS purchased a new position in Hubbell in the fourth quarter worth about $7,498,000. Finally, AXQ Capital LP bought a new stake in shares of Hubbell during the 4th quarter valued at about $754,000. Institutional investors own 88.16% of the company’s stock.

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 shares were 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.66% of the company’s stock.

Hubbell Stock Down 3.0 %

Shares of HUBB stock opened at $331.68 on Friday. The company has a market capitalization of $17.80 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 1.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The company’s fifty day moving average price is $379.97 and its 200-day moving average price is $418.68. Hubbell Incorporated has a one year low of $330.32 and a one year high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, beating the consensus estimate of $4.02 by $0.08. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $3.69 earnings per share. The business’s revenue was down .9% on a year-over-year basis. Sell-side analysts expect that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Friday, February 28th. Hubbell’s dividend payout ratio (DPR) is currently 36.77%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. StockNews.com cut shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Barclays reduced their price objective on Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research note on Wednesday. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $462.13.

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.