State of New Jersey Common Pension Fund D Lowers Stock Position in Hubbell Inc $HUBB

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Hubbell Inc by 7.6%, owning 18,159 shares valued at approximately $6 million.
• Wall Street analysts have recently increased price targets for Hubbell, with JPMorgan raising it from $352 to $417 and Wells Fargo from $420 to $445, maintaining a consensus rating of "Hold."
• Hubbell has announced a quarterly dividend of $1.32, with an annualized yield of 1.2%, affecting stockholders of record on August 29th.

State of New Jersey Common Pension Fund D cut its holdings in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,159 shares of the industrial products company's stock after selling 1,494 shares during the period. State of New Jersey Common Pension Fund D's holdings in Hubbell were worth $6,009,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. American Century Companies Inc. increased its stake in Hubbell by 0.5% during the first quarter. American Century Companies Inc. now owns 142,966 shares of the industrial products company's stock worth $47,309,000 after purchasing an additional 710 shares during the period. Ethic Inc. increased its stake in Hubbell by 2.4% during the first quarter. Ethic Inc. now owns 12,075 shares of the industrial products company's stock worth $4,019,000 after purchasing an additional 282 shares during the period. Aberdeen Group plc increased its stake in Hubbell by 4.6% during the first quarter. Aberdeen Group plc now owns 229,214 shares of the industrial products company's stock worth $74,539,000 after purchasing an additional 10,042 shares during the period. Dimensional Fund Advisors LP increased its stake in Hubbell by 15.5% during the first quarter. Dimensional Fund Advisors LP now owns 426,724 shares of the industrial products company's stock worth $141,197,000 after purchasing an additional 57,420 shares during the period. Finally, Horizon Investments LLC increased its stake in Hubbell by 5.0% during the first quarter. Horizon Investments LLC now owns 770 shares of the industrial products company's stock worth $255,000 after purchasing an additional 37 shares during the period. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Stock Up 3.0%

Shares of Hubbell stock traded up $12.72 on Friday, reaching $440.29. 326,642 shares of the company were exchanged, compared to its average volume of 558,782. The stock's 50 day moving average price is $420.53 and its 200-day moving average price is $383.20. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76. The company has a market cap of $23.40 billion, a P/E ratio of 28.59, a price-to-earnings-growth ratio of 2.47 and a beta of 0.99. Hubbell Inc has a 1-year low of $299.42 and a 1-year high of $481.35.

Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly 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 the consensus estimate of $1.51 billion. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. As a group, equities analysts forecast that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's dividend payout ratio is 34.29%.

Analysts Set New Price Targets

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

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.