Guinness Asset Management LTD Lowers Stake in Hubbell Inc $HUBB

Key Points

• Guinness Asset Management LTD reduced its holdings in Hubbell Inc by 19.9%, now owning 47,927 shares valued at $15.86 million.
• Hubbell's shares have received multiple upgrades from analysts, with a consensus rating of "Moderate Buy" and a price target of $472.63.
• The company also declared a quarterly dividend of $1.32, providing an annualized yield of 1.2% as it continues to maintain a healthy dividend payout ratio of 34.29%.

Guinness Asset Management LTD cut its holdings in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 19.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,927 shares of the industrial products company's stock after selling 11,905 shares during the period. Guinness Asset Management LTD owned 0.09% of Hubbell worth $15,860,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in HUBB. Nuveen LLC purchased a new stake in shares of Hubbell during the first quarter valued at $213,283,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Hubbell by 181.6% during the first 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 during the last quarter. Deutsche Bank AG grew its holdings in shares of Hubbell by 35.1% during the first 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 during the last quarter. GAMMA Investing LLC grew its holdings in shares of Hubbell by 52,429.8% during the first 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 during the last quarter. Finally, PointState Capital LP purchased a new stake in shares of Hubbell during the fourth quarter valued at $78,443,000. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Price Performance

HUBB stock traded down $0.21 during mid-day trading on Wednesday, reaching $435.23. The company's stock had a trading volume of 149,476 shares, compared to its average volume of 611,369. The stock has a market cap of $23.13 billion, a PE ratio of 28.26, a P/E/G ratio of 2.45 and a beta of 0.99. The company has a current ratio of 1.30, a quick ratio of 0.76 and a debt-to-equity ratio of 0.30. Hubbell Inc has a fifty-two week low of $299.42 and a fifty-two week high of $481.35. The company's 50 day moving average is $431.90 and its two-hundred day moving average is $389.37.

Hubbell (NYSE:HUBB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share for the quarter, beating 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. Equities research analysts expect that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.2%. Hubbell's dividend payout ratio (DPR) is presently 34.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HUBB. 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 report on Friday, August 1st. Wall Street Zen raised shares of Hubbell from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Wells Fargo & Company raised shares of Hubbell from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $445.00 to $490.00 in a report on Tuesday, September 2nd. Finally, Stephens reaffirmed an "overweight" rating and issued a $500.00 price target on shares of Hubbell in a report on Thursday, September 11th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Hubbell currently has an average rating of "Moderate Buy" and a consensus target price 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.