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

Corebridge Financial Inc. increased its position in Hubbell Incorporated (NYSE:HUBB) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,602 shares of the industrial products company’s stock after buying an additional 114 shares during the quarter. 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 company. Raymond James Financial Inc. purchased a new position in shares of Hubbell in the fourth quarter valued at about $63,647,000. Bank of New York Mellon Corp raised its position in Hubbell by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,826,327 shares of the industrial products company’s stock valued at $1,183,920,000 after purchasing an additional 129,490 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Hubbell in the 4th quarter worth approximately $40,533,000. Vontobel Holding Ltd. grew its position in shares of Hubbell by 9,720.7% in the 4th quarter. Vontobel Holding Ltd. now owns 74,048 shares of the industrial products company’s stock worth $31,018,000 after buying an additional 73,294 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Hubbell by 1.0% during the fourth 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 period. 88.16% of the stock is currently owned by institutional investors.

Hubbell Price Performance

Shares of NYSE HUBB opened at $331.68 on Friday. The company has a 50 day simple moving average of $379.97 and a two-hundred day simple moving average of $418.68. Hubbell Incorporated has a fifty-two week low of $330.32 and a fifty-two week high of $481.35. The company has a market capitalization of $17.80 billion, a price-to-earnings ratio of 23.10, a P/E/G ratio of 1.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the business earned $3.69 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Analysts expect that Hubbell Incorporated will post 17.63 EPS for the current fiscal year.

Hubbell declared that its board has initiated a stock repurchase plan 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 repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Friday, February 28th. Hubbell’s payout ratio is 36.77%.

Insider Activity at Hubbell

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

Wall Street Analyst Weigh In

A number of analysts recently commented on 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. Barclays cut their target price on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Hubbell presently 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.