Bank of New York Mellon Corp acquired a new stake in Hubbell Inc (NYSE:HUBB - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,496,831 shares of the industrial products company's stock, valued at approximately $783,142,000. Bank of New York Mellon Corp owned about 2.83% of Hubbell at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in HUBB. Ballentine Partners LLC raised its position in shares of Hubbell by 1.9% during the 4th quarter. Ballentine Partners LLC now owns 1,288 shares of the industrial products company's stock worth $572,000 after purchasing an additional 24 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in Hubbell by 2.0% during the 2nd quarter. Benjamin Edwards Inc. now owns 1,237 shares of the industrial products company's stock valued at $505,000 after buying an additional 24 shares during the last quarter. Quest Investment Management LLC grew its holdings in Hubbell by 1.3% during the 3rd quarter. Quest Investment Management LLC now owns 1,895 shares of the industrial products company's stock valued at $816,000 after buying an additional 25 shares during the last quarter. Gulf International Bank UK Ltd increased its position in Hubbell by 1.1% during the fourth quarter. Gulf International Bank UK Ltd now owns 2,678 shares of the industrial products company's stock worth $1,189,000 after buying an additional 28 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its position in Hubbell by 1.7% during the first quarter. Meeder Advisory Services Inc. now owns 1,698 shares of the industrial products company's stock worth $833,000 after buying an additional 28 shares in the last quarter. 88.16% of the stock is currently owned by hedge funds and other institutional investors.
Hubbell Stock Down 1.1%
Shares of NYSE HUBB opened at $470.45 on Friday. The stock has a fifty day moving average price of $496.03 and a 200 day moving average price of $498.62. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 1.22. Hubbell Inc has a 12-month low of $403.82 and a 12-month high of $565.50. The company has a market cap of $24.85 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.33 and a beta of 0.90.
Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $5.52 EPS for the quarter, topping analysts' consensus estimates of $5.39 by $0.13. Hubbell had a return on equity of 27.11% and a net margin of 14.49%.The company had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the previous year, the firm posted $4.93 earnings per share. The firm's quarterly revenue was up 15.3% on a year-over-year basis. Hubbell has set its FY 2026 guidance at 20.250-20.550 EPS. Research analysts anticipate that Hubbell Inc will post 20.41 EPS for the current fiscal year.
Hubbell Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. Hubbell's payout ratio is presently 33.63%.
Analysts Set New Price Targets
A number of research analysts have issued reports on HUBB shares. Wall Street Zen lowered shares of Hubbell from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Robert W. Baird set a $550.00 target price on shares of Hubbell in a research report on Thursday. UBS Group reaffirmed a "neutral" rating and issued a $515.00 target price on shares of Hubbell in a research note on Tuesday, June 16th. Wells Fargo & Company increased their price target on Hubbell from $530.00 to $560.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Finally, Barclays lifted their price objective on Hubbell from $481.00 to $503.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $553.89.
Read Our Latest Analysis on Hubbell
Insider Buying and Selling at Hubbell
In other news, VP Nero Jonathan M. Del sold 547 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $518.56, for a total value of $283,652.32. Following the completion of the transaction, the vice president directly owned 2,933 shares in the company, valued at approximately $1,520,936.48. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.63% of the company's stock.
Hubbell Company Profile
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Free Report)
Hubbell Incorporated NYSE: HUBB is an industrial manufacturer and distributor of electrical and electronic products serving a range of end markets including commercial and residential construction, industrial, and utility customers. Founded in 1888 by Harvey Hubbell, the company has a long history in electrical innovation and product development and is headquartered in Connecticut. Hubbell designs, manufactures and sells components and systems that enable the distribution and control of electrical power and provide lighting solutions for indoor and outdoor environments.
The company's offerings span a broad portfolio of products used by contractors, utilities, original equipment manufacturers and facility owners.
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