Assenagon Asset Management S.A. Reduces Stock Position in Hubbell Inc $HUBB

Key Points

• Assenagon Asset Management S.A. reduced its holdings in Hubbell Inc by 35.3% in the second quarter, owning 24,950 shares valued at approximately $10.19 million after selling 13,631 shares.
• Hubbell's latest quarterly earnings report showed an EPS of $4.93, surpassing estimates, with revenue of $1.48 billion but slightly below expectations of $1.51 billion.
• The company announced a quarterly dividend of $1.32, reflecting an annualized yield of 1.2% with a payout ratio of 34.29%.

Assenagon Asset Management S.A. lessened its holdings in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 35.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,950 shares of the industrial products company's stock after selling 13,631 shares during the period. Assenagon Asset Management S.A.'s holdings in Hubbell were worth $10,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in HUBB. Teacher Retirement System of Texas boosted its position in Hubbell by 1,462.9% during the first quarter. Teacher Retirement System of Texas now owns 7,846 shares of the industrial products company's stock valued at $2,596,000 after purchasing an additional 7,344 shares in the last quarter. Private Trust Co. NA raised its position in shares of Hubbell by 60.4% during the 1st quarter. Private Trust Co. NA now owns 292 shares of the industrial products company's stock worth $97,000 after purchasing an additional 110 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Hubbell by 29.6% in the first quarter. Stratos Wealth Partners LTD. now owns 1,578 shares of the industrial products company's stock valued at $522,000 after buying an additional 360 shares during the last quarter. Beacon Financial Group acquired a new position in Hubbell in the 2nd quarter valued at about $262,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Hubbell during the 1st quarter worth $1,423,000. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Performance

HUBB opened at $434.83 on Wednesday. The business has a fifty day simple moving average of $433.86 and a 200-day simple moving average of $392.34. The firm has a market cap of $23.11 billion, a PE ratio of 28.24, a P/E/G ratio of 2.45 and a beta of 0.99. Hubbell Inc has a fifty-two week low of $299.42 and a fifty-two week high of $481.35. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.30.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, topping the consensus estimate of $4.36 by $0.57. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. The business 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 predict that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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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