Voya Investment Management LLC has decreased its holdings in Hubbell Inc (NYSE: HUBB) by 12.5%, selling 3,505 shares during the third quarter of 2023. The firm now owns 24,581 shares of the industrial products company, valued at approximately $10.58 million as of the end of the most recent reporting period, according to a disclosure filed with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Hubbell. For instance, McKinley Carter Wealth Services Inc. increased its stake by 16.7% in the second quarter, now holding 19,829 shares worth about $8.1 million. Additional investors include Belpointe Asset Management LLC, which acquired a new position worth around $320,000, and Venturi Wealth Management LLC, which purchased shares valued at $490,000. Currently, institutional investors and hedge funds own approximately 88.16% of Hubbell’s stock.
Analyst Ratings and Insider Activity
Hubbell has received mixed reviews from analysts recently. Wall Street Zen upgraded the stock from “buy” to “strong-buy,” while Barclays raised its target price from $431.00 to $456.00 with an “equal weight” rating. Evercore ISI issued an “outperform” rating with a target of $575.00. UBS Group maintained a “neutral” rating with a price objective of $450.00, and Wells Fargo & Company increased its target from $490.00 to $500.00, assigning an “overweight” rating. Overall, five analysts rate Hubbell as a “Buy,” while three suggest holding the stock, resulting in an average rating of “Moderate Buy” and a consensus price target of $488.43, according to MarketBeat.
Insider activity has also been notable. On November 5, Mark Eugene Mikes, an insider at Hubbell, sold 2,470 shares at an average price of $466.50, totaling more than $1.15 million. Following this sale, Mikes holds 4,785 shares, valued at approximately $2.23 million. In contrast, Director John F. Malloy purchased 435 shares on November 17 for around $186,719.40, reflecting a 2.33% increase in his ownership.
Financial Performance and Dividend Increase
Hubbell’s stock opened at $455.66 on November 5, reflecting a 1.0% increase. The company has experienced significant price fluctuations, with a one-year low of $299.42 and a high of $484.26. Hubbell’s market capitalization stands at approximately $24.22 billion, with a price-to-earnings (P/E) ratio of 28.27 and a beta of 1.01.
The company’s recent earnings report, released on October 28, 2023, indicated earnings per share of $5.17, surpassing analysts’ expectations of $4.98. Hubbell reported a net margin of 15.24% and a return on equity of 27.68%, with revenue of $1.50 billion, slightly below the $1.54 billion anticipated by analysts. Year-over-year, revenue increased by 4.1%.
Hubbell also announced a quarterly dividend of $1.42, paid on December 15, 2023, which is an increase from the previous dividend of $1.32. This annualizes to $5.68, yielding approximately 1.2%. The company’s dividend payout ratio is currently 35.24%.
Founded in 1888, Hubbell Incorporated is a prominent manufacturer and distributor of electrical and electronic products. It serves various markets, including commercial and residential construction, industrial sectors, and utilities. Headquartered in Connecticut, the company has established a reputation for innovation in electrical solutions, providing a wide range of products for contractors and facility owners alike.
