Credit Agricole S A Lowers Position in Hubbell Inc $HUBB

Key Points

• Credit Agricole S A reduced its stake in Hubbell Inc. by 59.4% during Q1, now holding 17,124 shares valued at $5.67 million.
• Other institutional investors like Banco Bilbao Vizcaya Argentaria S.A. and Korea Investment CORP increased their positions, reflecting a strong interest in the company.
• Hubbell reported earnings of $4.93 per share for the last quarter, surpassing estimates, and declared a quarterly dividend of $1.32 per share.

Credit Agricole S A lowered its position in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 59.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,124 shares of the industrial products company's stock after selling 25,032 shares during the quarter. Credit Agricole S A's holdings in Hubbell were worth $5,667,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Hubbell by 0.3% during the first 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 buying an additional 7,142 shares during the last quarter. Invesco Ltd. increased its position in Hubbell by 2.1% in the first quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company's stock worth $503,757,000 after purchasing an additional 31,859 shares during the last quarter. Deutsche Bank AG increased its position in Hubbell by 35.1% in the first quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company's stock worth $365,353,000 after purchasing an additional 287,047 shares during the last quarter. Nuveen LLC bought a new stake in Hubbell in the first quarter worth $213,283,000. Finally, Northern Trust Corp increased its position in Hubbell by 2.9% in the first quarter. Northern Trust Corp now owns 532,977 shares of the industrial products company's stock worth $176,367,000 after purchasing an additional 14,866 shares during the last quarter. Institutional investors own 88.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HUBB. Wells Fargo & Company boosted their price target on shares of Hubbell from $420.00 to $445.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Hubbell from $352.00 to $417.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays boosted their price objective on shares of Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $462.29.

Hubbell Trading Up 0.9%

Shares of HUBB traded up $4.19 during trading hours on Wednesday, reaching $446.71. 193,722 shares of the company traded hands, compared to its average volume of 622,893. The firm has a market cap of $23.74 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 2.45 and a beta of 0.99. Hubbell Inc has a 12-month low of $299.42 and a 12-month 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's fifty day moving average price is $422.49 and its 200 day moving average price is $383.87.

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 firm had revenue of $1.48 billion during the quarter, compared to analyst estimates 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. Sell-side analysts forecast that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's payout ratio is currently 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.