Covea Finance Purchases 9,973 Shares of Hubbell Inc $HUBB

Key Points

• Covea Finance increased its stake in Hubbell Inc by 15%, acquiring an additional 9,973 shares in the second quarter, bringing its total ownership to 76,268 shares.
• A number of institutional investors have significantly increased their positions in Hubbell, including Adage Capital Partners, which boosted its stake by 181.6% in the first quarter.
• Hubbell recently posted $4.93 earnings per share (EPS) for the last quarter, surpassing analyst estimates, and also declared a quarterly dividend of $1.32, reflecting a 1.2% dividend yield.

Covea Finance boosted its position in Hubbell Inc (NYSE:HUBB - Free Report) by 15.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,268 shares of the industrial products company's stock after buying an additional 9,973 shares during the period. Hubbell makes up approximately 1.2% of Covea Finance's portfolio, making the stock its 29th biggest position. Covea Finance owned approximately 0.14% of Hubbell worth $31,149,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HUBB. Nuveen LLC bought a new stake in Hubbell in the 1st quarter valued at about $213,283,000. Adage Capital Partners GP L.L.C. increased its position in 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 valued at $322,702,000 after buying an additional 628,886 shares in the last quarter. Deutsche Bank AG increased its position 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 in the last quarter. GAMMA Investing LLC increased its position in Hubbell by 52,429.8% in the 1st quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company's stock valued at $636,200,000 after buying an additional 191,893 shares in the last quarter. Finally, Parnassus Investments LLC bought a new stake in Hubbell in the 1st quarter valued at about $57,432,000. 88.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

HUBB has been the subject of a number of analyst reports. Wall Street Zen upgraded Hubbell from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Barclays lifted their price target on Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Stephens reiterated an "overweight" rating and set a $500.00 price target on shares of Hubbell in a research note on Thursday, September 11th. Finally, Wells Fargo & Company upgraded Hubbell from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $445.00 to $490.00 in a research note on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $472.63.

Hubbell Trading Down 0.6%

Shares of HUBB stock opened at $438.79 on Tuesday. The company's fifty day simple moving average is $433.46 and its two-hundred day simple moving average is $392.04. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35. The stock has a market capitalization of $23.32 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 2.47 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last issued 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. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.51 billion. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. As a group, analysts anticipate that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Dividend Announcement

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

Hubbell Profile

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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