Ontario Teachers Pension Plan Board has recently reduced its holdings in Hubbell Incorporated by 9.7% during the first quarter of the year, according to the company’s filing with the Securities and Exchange Commission. The institutional investor now owns 12,600 shares of Hubbell’s stock, having sold 1,353 shares during this period. These holdings are currently valued at $3,066,000 as per the most recent filing with the SEC.
Hubbell announced its quarterly earnings data on July 25th, revealing an EPS (earnings per share) of $4.07 for the quarter. This exceeded analysts’ consensus estimates of $3.63 by a margin of $0.44. The company reported a revenue of $1.37 billion during the same period, which matched expectations from industry experts. It is worth noting that Hubbell saw an increase of 8.8% in quarterly revenue compared to the same period last year when it posted an EPS of $2.81.
Hubbell boasts a net margin of 12.55% and a return on equity of 29.48%. With these robust financial figures, equities research analysts predict that Hubbell Incorporated will achieve an EPS of 15.32 for the entirety of this year.
Several research firms have provided their insights on Hubbell Incorporated (NYSE:HUBB). StockNews.com initiated coverage on Hubbell and assigned a “buy” rating to the stock based on their analysis conducted on August 17th. Likewise, Wolfe Research upgraded Hubbell from an “underperform” rating to a “peer perform” rating on August 11th. Additionally, Mizuho raised their price target for Hubbell shares from $300 to $370 on July 26th, while Wells Fargo & Company increased theirs from $287 to $318 on July 10th.
While one research analyst has given a sell rating to Hubbell, four have assigned a hold rating, and two have issued a buy rating. According to Bloomberg.com, the average rating for Hubbell is currently “Hold,” with an average target price of $265.17.
Investors are closely monitoring the Ontario Teachers Pension Plan Board’s decision to reduce its position in Hubbell Incorporated, as it may reflect their outlook on the company’s future performance. The recent earnings report and the positive analyst ratings further contribute to the overall assessment of Hubbell Incorporated in the industrial products sector.
Institutional Investors and Hedge Funds Show Confidence in Hubbell Incorporated Despite Market Uncertainties
Hubbell Incorporated, an industrial products company, has seen significant changes in positions by institutional investors and hedge funds. Price T Rowe Associates Inc. MD increased its stake in Hubbell by 42.9% during the first quarter, now owning over 5 million shares worth $1.2 billion. Envestnet Asset Management Inc. also raised its position in Hubbell, acquiring over 1 million shares worth $8.3 million during the same period. Wellington Management Group LLP saw a 133.8% increase in its holdings, adding over 880,000 shares to their portfolio.
These changes suggest that institutional investors and hedge funds see potential in Hubbell Incorporated despite market uncertainties. Norges Bank even acquired a new stake valued at $90 million, signaling confidence in the company’s future prospects.
On September 14th, Hubbell stock opened at $315.62 with a market cap of $16.93 billion. The company has a price-to-earnings ratio of 26.24 and a beta of 0.98, indicating moderate volatility relative to the market.
Several research firms have issued reports on HUBB with mixed ratings for the stock. While StockNews.com gave it a “buy” rating and Mizuho raised their price target to $370.00, others gave “hold” ratings to the stock or expressed concerns about its performance.
In terms of dividends, Hubbell recently declared a quarterly dividend of $1.12 per share payable on September 15th to shareholders of record as of August 31st. This represents an annualized dividend of $4.48 and a yield of 1.42%. With a payout ratio of 37%, the company maintains its commitment to returning value to shareholders.
In recent news related to insider trading, CEO Gerben Bakker sold nearly 6,000 shares at an average price of $314.12 per share for a total of $1.8 million. CFO William R. Sperry also sold 4,040 shares at an average price of $313.72 per share, totaling over $1.2 million. These transactions were disclosed in filings with the Securities and Exchange Commission.
Despite these insider sales, institutional investors and hedge funds continue to hold a significant portion of Hubbell stock, with 85.97% owned by these entities.
Hubbell Incorporated operates in a dynamic market environment, and its future performance will depend on various factors such as industry trends and economic conditions. Investors should carefully consider all available information before making any investment decisions related to Hubbell stock.
Please note that this article is based on information available as of September 14, 2023, and is subject to change as new data becomes available. Investors are advised to conduct their own research and consult with financial professionals before making any investment decisions.