Korea Investment CORP Purchases 10,925 Shares of Hubbell Incorporated (NYSE:HUBB)

Korea Investment CORP grew its position in Hubbell Incorporated (NYSE:HUBB) by 37.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,249 shares of the industrial products company’s stock after acquiring an additional 10,925 shares during the period. Korea Investment CORP’s holdings in Hubbell were worth $16,860,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of HUBB. Raymond James Financial Inc. bought a new position in Hubbell in the 4th quarter valued at $63,647,000. Bank of New York Mellon Corp increased its stake in shares of Hubbell by 4.8% in the fourth 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 buying an additional 129,490 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Hubbell during the 4th quarter worth about $40,533,000. Vontobel Holding Ltd. grew its holdings in Hubbell by 9,720.7% during the 4th quarter. Vontobel Holding Ltd. now owns 74,048 shares of the industrial products company’s stock worth $31,018,000 after acquiring an additional 73,294 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Hubbell by 1.0% in 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 acquiring an additional 65,033 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Stock Performance

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

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business earned $3.69 earnings per share. Equities research analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Announces Dividend

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

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

Wall Street Analyst Weigh In

HUBB has been the topic of a number of research reports. Barclays reduced 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 report on Wednesday. StockNews.com downgraded Hubbell from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Wells Fargo & Company lowered their target price 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. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell currently has a consensus rating of “Hold” and a consensus target price of $462.13.

Insider Transactions at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.66% of the company’s stock.

About Hubbell

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.