Raymond James Financial Inc. Makes New $63.65 Million Investment in Hubbell Incorporated (NYSE:HUBB)

Raymond James Financial Inc. acquired a new position in shares of Hubbell Incorporated (NYSE:HUBB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 151,942 shares of the industrial products company’s stock, valued at approximately $63,647,000. Raymond James Financial Inc. owned approximately 0.28% of Hubbell as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its holdings in Hubbell by 26.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock worth $3,830,000 after purchasing an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock valued at $12,032,000 after acquiring an additional 15,806 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after acquiring an additional 15,215 shares in the last quarter. LGT Capital Partners LTD. bought a new position in shares of Hubbell in the third quarter valued at approximately $39,687,000. Finally, Impax Asset Management Group plc grew its holdings in shares of Hubbell by 30.3% in the third quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock valued at $514,377,000 after acquiring an additional 279,654 shares in the last quarter. 88.16% of the stock is owned by institutional investors.

Hubbell Price Performance

Shares of NYSE HUBB opened at $338.07 on Tuesday. The stock has a fifty day simple moving average of $404.49 and a two-hundred day simple moving average of $423.20. Hubbell Incorporated has a 1-year low of $337.21 and a 1-year high of $481.35. The firm has a market cap of $18.14 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. The firm had revenue of $1.33 billion for 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 business’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.69 earnings per share. Analysts anticipate that Hubbell Incorporated will post 17.63 earnings per share for the current year.

Hubbell announced that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.56%. Hubbell’s dividend payout ratio is currently 36.77%.

Insiders Place Their Bets

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

HUBB has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and reduced their target price for the company from $493.00 to $473.00 in a report on Tuesday, November 26th. Wells Fargo & Company reduced their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Barclays reduced their target price on Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $464.88.

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.