Bank of Nova Scotia Makes New $2.91 Million Investment in Hubbell Inc $HUBB

Key Points

• Bank of Nova Scotia acquired 5,568 Hubbell shares worth approximately $2.91 million in the second quarter. Institutional investors own 88.16% of Hubbell, with BlackRock and Bank of New York Mellon also reporting new positions.
• Analysts maintain a generally positive outlook, with Hubbell carrying a consensus “Moderate Buy” rating and an average price target of $553.89. Price targets range from $503 to $560.
• Hubbell exceeded quarterly expectations, reporting $5.52 in EPS versus $5.39 expected and $1.71 billion in revenue, up 15.3% year over year. The company also declared a quarterly dividend of $1.42, equivalent to a 1.2% annual yield.

Bank of Nova Scotia purchased a new stake in Hubbell Inc (NYSE:HUBB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,568 shares of the industrial products company's stock, valued at approximately $2,913,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in Hubbell during the second quarter worth about $2,455,986,000. Wellington Management Group LLP raised its position in shares of Hubbell by 140.4% during the fourth quarter. Wellington Management Group LLP now owns 2,514,632 shares of the industrial products company's stock worth $1,116,773,000 after purchasing an additional 1,468,701 shares during the period. State Street Corp raised its position in shares of Hubbell by 1.8% during the fourth quarter. State Street Corp now owns 2,302,567 shares of the industrial products company's stock worth $1,022,593,000 after purchasing an additional 40,623 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Hubbell during the 2nd quarter valued at about $783,142,000. Finally, Geode Capital Management LLC grew its position in shares of Hubbell by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,376,000 shares of the industrial products company's stock valued at $608,704,000 after purchasing an additional 10,898 shares during the period. Institutional investors own 88.16% of the company's stock.

Insider Buying and Selling at Hubbell

In other Hubbell 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 transaction of $283,652.32. Following the sale, the vice president directly owned 2,933 shares of the company's stock, valued at approximately $1,520,936.48. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.63% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wall Street Zen cut Hubbell from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Wells Fargo & Company upped their price target on shares of Hubbell from $530.00 to $560.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Sanford C. Bernstein reissued an "outperform" rating on shares of Hubbell in a research report on Wednesday, July 29th. Weiss Ratings lowered shares of Hubbell from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 14th. Finally, Barclays boosted their price objective on shares of Hubbell from $481.00 to $503.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $553.89.

Hubbell Stock Up 1.9%

Shares of Hubbell stock opened at $473.15 on Thursday. The business's 50 day simple moving average is $493.96 and its 200 day simple moving average is $497.92. Hubbell Inc has a 52-week low of $403.82 and a 52-week high of $565.50. The firm has a market cap of $25.00 billion, a PE ratio of 28.01, a P/E/G ratio of 2.27 and a beta of 0.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.93 and a current ratio of 1.61.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $5.52 earnings per share for the quarter, topping analysts' consensus estimates of $5.39 by $0.13. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.66 billion. Hubbell had a return on equity of 27.11% and a net margin of 14.49%.The business's revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.93 EPS. Hubbell has set its FY 2026 guidance at 20.250-20.550 EPS. On average, analysts predict that Hubbell Inc will post 20.41 earnings per share for the current fiscal year.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. Hubbell's dividend payout ratio is presently 33.63%.

Hubbell Profile

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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