Jacobs & Co. CA Trims Stake in Hubbell Incorporated
On September 18, 2023, investment firm Jacobs & Co. CA revealed that it has reduced its holdings in Hubbell Incorporated by 8.4% during the second quarter. The firm’s most recent filing with the Securities and Exchange Commission (SEC) shows that it now owns 24,954 shares of the industrial products company’s stock, having sold 2,285 shares. The value of Jacobs & Co. CA’s holdings in Hubbell amounted to $8,273,000 as of their latest SEC filing.
Hubbell’s Quarterly Earnings:
Hubbell Incorporated (NYSE: HUBB) reported its quarterly earnings results on July 25th this year. The industrial products company exceeded analysts’ consensus estimates with an impressive earnings per share (EPS) of $4.07 for the quarter, surpassing expectations by $0.44 per share. Furthermore, it generated $1.37 billion in revenue for the period, aligning closely with market consensus.
Profitability and Growth:
Hubbell’s return on equity stood at 29.48% during this quarter alongside a net margin of 12.55%, highlighting its ability to generate profit from each dollar of equity invested and showcasing effective cost control measures within the organization.
A notable highlight was that Hubbell experienced an increase in revenue by 8.8% compared to the same period last yearan encouraging sign for investors seeking consistent growth opportunities.
Analysts’ Projections:
Equities research analysts believe that for the current fiscal year, Hubbell Incorporated will report earnings per share (EPS) amounting to around 15.32a figure indicating strong financial performance and potential returns for shareholders.
Conclusion:
Jacobs & Co. CA has decided to trim its stake in Hubbell Incorporated during the second quarter as indicated in its latest SEC filing, reducing its holdings by 8.4%. Hubbell’s impressive quarterly earnings, with EPS exceeding analysts’ estimates and revenue growth of 8.8%, demonstrate the company’s strong performance and potential for future success.
Investors may find Hubbell Incorporated to be a viable investment option, given its solid financial results and positive growth trajectory. As always, conducting thorough research and consulting with a financial advisor before making any investment decisions is crucial for individual investors seeking the best opportunities in the market.
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Institutional Investors Increase Stake in Hubbell Incorporated: What Lies Ahead for the Industrial Products Company?
Hubbell Incorporated, an industrial products company, has seen a significant increase in its stake by institutional investors. Price T Rowe Associates Inc. MD has raised its position in shares of Hubbell by 42.9% in the first quarter, now owning over 5 million shares worth $1.2 billion. Envestnet Asset Management Inc. also grew its holdings by a staggering 3,204.3%, while Wellington Management Group LLP increased its position by 133.8% during the same period.
Furthermore, Norges Bank and Artisan Partners Limited Partnership have also joined the ranks of institutional investors with new stakes in Hubbell, valued at $90 million and $76 million respectively. As of now, approximately 85.97% of the stock is owned by hedge funds and other institutional investors.
Shares of Hubbell began trading at $316.77 on Monday and have shown a steady trajectory over the past year, with a market cap of $16.99 billion. The company boasts a healthy current ratio of 2.06 and a quick ratio of 1.32, indicating its strong financial position.
In terms of dividend payments, Hubbell recently declared a quarterly dividend to be paid on September 15th to shareholders who were recorded on August 31st. The dividend amounts to $1.12 per share on an annualized basis, resulting in a yield of 1.41%. Currently, the dividend payout ratio stands at 37.24%.
Various analysts have weighed in on Hubbell’s performance as well as their expectations for the future. Wells Fargo & Company raised their price target for Hubbell shares from $287 to $318 in July this year, while Mizuho increased their target from $300 to $370 later that month.
Meanwhile, Wolfe Research upgraded their rating for Hubbell from “underperform” to “peer perform” in August and StockNews.com initiated coverage with a “buy” rating for the company. However, it is worth noting that one equities research analyst has given Hubbell a sell rating.
According to Bloomberg data, Hubbell currently holds an average rating of “Hold” with an average price target of $265.17. With the high degree of perplexity and variety in ratings from analysts, investors may find themselves unsure about the future prospects of investing in Hubbell.
Nevertheless, the recent surge in institutional investors’ stakes reflects a growing interest in Hubbell’s potential. As the industrial products company continues to develop and expand its offerings, it will be interesting to see how these investments pan out in the coming months and years.