611 Shares in Hubbell Inc $HUBB Purchased by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. purchased 611 shares of Hubbell Inc, valued at approximately $250,000, during the 2nd quarter.
• Several institutional investors, including Bank of New York Mellon and Deutsche Bank, have significantly increased their holdings in Hubbell, indicating strong interest from hedge funds.
• Analysts have upgraded Hubbell's stock rating to moderate buy with an average price target of $472.63 following positive earnings reports and a recently declared quarterly dividend of $1.32.

Patton Fund Management Inc. bought a new position in Hubbell Inc (NYSE:HUBB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 611 shares of the industrial products company's stock, valued at approximately $250,000.

A number of other hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in shares of Hubbell by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company's stock valued at $937,623,000 after acquiring an additional 7,142 shares during the last quarter. Invesco Ltd. grew its holdings in Hubbell by 2.1% in the 1st quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company's stock valued at $503,757,000 after buying an additional 31,859 shares during the last quarter. Deutsche Bank AG grew its holdings in Hubbell by 35.1% in the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company's stock valued at $365,353,000 after buying an additional 287,047 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Hubbell by 181.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company's stock worth $322,702,000 after acquiring an additional 628,886 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Hubbell in the 1st quarter worth approximately $213,283,000. Institutional investors and hedge funds own 88.16% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wall Street Zen upgraded Hubbell from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Barclays lifted their price objective on Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Wells Fargo & Company upgraded Hubbell from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $445.00 to $490.00 in a research report on Tuesday, September 2nd. Finally, Stephens reissued an "overweight" rating and issued a $500.00 target price on shares of Hubbell in a research note on Thursday, September 11th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $472.63.

Hubbell Stock Up 1.2%

NYSE:HUBB opened at $425.45 on Friday. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35. The company has a current ratio of 1.30, a quick ratio of 0.76 and a debt-to-equity ratio of 0.30. The stock has a market cap of $22.61 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 2.38 and a beta of 0.99. The stock has a 50-day moving average price of $433.67 and a two-hundred day moving average price of $394.16.

Hubbell (NYSE:HUBB - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.36 by $0.57. Hubbell had a return on equity of 27.63% and a net margin of 14.76%.The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.51 billion. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. As a group, equities analysts expect that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, August 29th. Hubbell's payout ratio is 34.29%.

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.

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