Gotham Asset Management LLC Acquires 12,567 Shares of Hubbell Inc $HUBB

Key Points

• Gotham Asset Management LLC increased its stake in Hubbell Inc by 36.6%, owning 46,940 shares worth approximately $15.5 million as of its latest filing.
• Several analysts have upgraded their price targets for Hubbell, with JPMorgan raising it to $417 and Wells Fargo to $490, reflecting positive market sentiment.
• Hubbell has announced a quarterly dividend of $1.32, which will be paid on September 15, indicating a strong cash position with a dividend yield of 1.2%.

Gotham Asset Management LLC boosted its stake in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 36.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,940 shares of the industrial products company's stock after purchasing an additional 12,567 shares during the period. Gotham Asset Management LLC owned about 0.09% of Hubbell worth $15,533,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in Hubbell by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 2,833,469 shares of the industrial products company's stock worth $937,623,000 after acquiring an additional 7,142 shares in the last quarter. Invesco Ltd. grew 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 acquiring an additional 31,859 shares in the last quarter. Deutsche Bank AG grew 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 acquiring an additional 287,047 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Hubbell by 181.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company's stock worth $322,702,000 after acquiring an additional 628,886 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Hubbell in the first quarter worth approximately $213,283,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HUBB has been the subject of several recent research reports. Wall Street Zen raised shares of Hubbell from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Wells Fargo & Company upgraded shares of Hubbell from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $445.00 to $490.00 in a research note on Tuesday, September 2nd. Barclays boosted their price objective on shares of Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $468.71.

Hubbell Stock Performance

NYSE:HUBB traded up $5.35 during trading hours on Wednesday, hitting $442.59. 463,833 shares of the company traded hands, compared to its average volume of 613,642. The stock has a market capitalization of $23.52 billion, a price-to-earnings ratio of 28.74, a P/E/G ratio of 2.44 and a beta of 0.99. Hubbell Inc has a twelve month low of $299.42 and a twelve month high of $481.35. The firm has a 50-day moving average of $429.21 and a 200 day moving average of $386.96. 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 (NYSE:HUBB - Get Free Report) last released its earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, beating the consensus estimate of $4.36 by $0.57. The firm had revenue of $1.48 billion during 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. On average, 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. Shareholders of record on Friday, August 29th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, August 29th. Hubbell's payout ratio is 34.29%.

Hubbell Company 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.