Mengis Capital Management Inc. Trims Stake in Hubbell Inc $HUBB

Key Points

• Mengis Capital Management Inc. has reduced its stake in Hubbell Inc by 35.7%, now holding 9,000 shares valued at approximately $3.68 million.
• In the first quarter, several institutional investors increased their holdings in Hubbell, with Deutsche Bank AG boosting its stake by 35.1% and Adage Capital Partners GP L.L.C. increasing theirs by 181.6%.
• Hubbell recently reported earnings of $4.93 per share, exceeding analysts' expectations, while providing FY 2025 guidance of 17.650-18.15 EPS.

Mengis Capital Management Inc. reduced its stake in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 35.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,000 shares of the industrial products company's stock after selling 5,000 shares during the quarter. Mengis Capital Management Inc.'s holdings in Hubbell were worth $3,676,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings 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 valued at $937,623,000 after purchasing an additional 7,142 shares during the period. Invesco Ltd. boosted its stake in shares of 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 during the last quarter. Deutsche Bank AG boosted its stake in Hubbell by 35.1% during the first quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company's stock worth $365,353,000 after buying an additional 287,047 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in 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 worth $322,702,000 after buying an additional 628,886 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Hubbell during the first quarter worth $213,283,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on HUBB shares. Wells Fargo & Company upgraded Hubbell from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $445.00 to $490.00 in a research report on Tuesday, September 2nd. Weiss Ratings reissued a "buy (b-)" rating on shares of Hubbell in a research note on Wednesday. Barclays boosted their target price on Hubbell from $420.00 to $431.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Stephens reissued an "overweight" rating and set a $500.00 target price on shares of Hubbell in a research note on Thursday, September 11th. Finally, Wall Street Zen upgraded Hubbell from a "buy" rating to a "strong-buy" rating in a report on Friday, October 3rd. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $472.63.

Hubbell Stock Down 0.2%

HUBB opened at $418.76 on Friday. The company has a market cap of $22.25 billion, a PE ratio of 27.19, a P/E/G ratio of 2.35 and a beta of 0.96. The business has a 50 day moving average price of $431.33 and a two-hundred day moving average price of $398.80. Hubbell Inc has a 52 week low of $299.42 and a 52 week high of $481.35. The company has a quick ratio of 0.76, a current ratio of 1.30 and a debt-to-equity ratio of 0.30.

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, topping analysts' consensus estimates of $4.36 by $0.57. The business 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, research analysts anticipate that Hubbell Inc will post 17.63 EPS for the current year.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, August 29th. Hubbell's dividend payout ratio is 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.

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