Swedbank AB has decreased its holdings in Hubbell Inc (NYSE: HUBB) by 4.0% as reported in its latest filing with the Securities and Exchange Commission. The fund now possesses 27,606 shares of the industrial products company after selling 1,157 shares during the third quarter. As of the end of this period, Swedbank’s stake in Hubbell is valued at approximately $11.88 million, amounting to about 0.05% of the company.
A range of institutional investors have also adjusted their positions in Hubbell. Notably, Central Pacific Bank Trust Division acquired a new position in the company valued at $29,000 during the second quarter. Cullen Frost Bankers Inc. significantly increased its stake by 400%, now owning 85 shares worth $35,000 after purchasing an additional 68 shares. Additionally, Ransom Advisory Ltd entered the market with a new investment amounting to about $53,000 in the first quarter.
Johnson Financial Group Inc. has raised its stake by 185.4% in the second quarter, now holding 137 shares valued at $56,000 following the acquisition of 89 additional shares. CYBER HORNET ETFs LLC also made a new investment in Hubbell during the same period, worth approximately $57,000. Currently, institutional investors collectively own 88.16% of Hubbell’s shares.
Insider Transactions and Recent Performance
In a related development, insider Alyssa R. Flynn sold 2,011 shares of Hubbell on November 3, 2023, at an average price of $470.32, resulting in a total transaction valued at $945,813.52. Following this sale, Flynn’s direct ownership is reduced to 3,243 shares valued at approximately $1.53 million, indicating a 38.28% decrease in her holdings. Similarly, Mark Eugene Mikes, another insider, sold 2,470 shares on November 5, 2023, at an average price of $466.50, totaling $1.15 million. His remaining ownership is now 4,785 shares valued at $2.23 million, reflecting a 34.05% decrease.
As for the company’s market performance, Hubbell reported its earnings results on October 28, 2023, revealing earnings per share (EPS) of $5.17, exceeding analysts’ expectations of $4.98 by $0.19. Revenue for the quarter reached $1.50 billion, slightly below the anticipated $1.54 billion. The company recorded a net margin of 15.24% and a return on equity of 27.68%, with quarterly revenue increasing by 4.1% compared to the same period last year.
Dividend Increase and Analyst Ratings
Hubbell has also announced a quarterly dividend, which was distributed on December 15, 2023. Shareholders of record as of November 28 received a dividend of $1.42 per share, up from the previous $1.32. This adjustment translates to an annualized dividend of $5.68 and a yield of 1.2%, with a current payout ratio of 35.24%.
Several research analysts have recently updated their ratings for Hubbell shares. Mizuho raised its price target from $475 to $480, maintaining an “outperform” rating. Evercore ISI initiated coverage with an “outperform” rating and a target price of $575. Weiss Ratings reaffirmed a “buy (b-)” rating, while Barclays increased its target for the stock from $431 to $456 with an “equal weight” rating. Additionally, Wells Fargo boosted its price objective from $490 to $500, assigning an “overweight” rating.
Currently, five analysts have rated the stock as a Buy, while three have given it a Hold rating. Based on data from MarketBeat.com, Hubbell has a consensus rating of “Moderate Buy” and an average target price of $488.43.
Founded in 1888 by Harvey Hubbell, Hubbell Incorporated is an established industrial manufacturer and distributor of electrical and electronic products. Headquartered in Connecticut, the company serves various end markets, including commercial and residential construction, industrial, and utility sectors. Its extensive range of products plays a crucial role in the distribution and control of electrical power and lighting solutions for diverse environments.
