Millennium Management LLC Has $46.70 Million Stock Position in Hubbell Inc $HUBB

Key Points

• Millennium Management LLC increased its stake in Hubbell Inc by 12.7%, owning approximately $46.70 million worth of shares after purchasing additional shares in the first quarter.
• Hubbell's recent earnings report revealed an EPS of $4.93, surpassing analysts' expectations, while the company's revenue was $1.48 billion for the quarter.
• The company announced a quarterly dividend of $1.32, translating to an annual dividend yield of 1.2%, with a payout ratio of 34.29%.

Millennium Management LLC increased its holdings in shares of Hubbell Inc (NYSE:HUBB - Free Report) by 12.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,120 shares of the industrial products company's stock after buying an additional 15,933 shares during the period. Millennium Management LLC owned about 0.26% of Hubbell worth $46,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV increased its stake in shares of Hubbell by 0.4% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 6,515 shares of the industrial products company's stock worth $2,757,000 after acquiring an additional 26 shares during the last quarter. Horizon Investments LLC boosted its stake in shares of Hubbell by 5.0% in the 1st quarter. Horizon Investments LLC now owns 770 shares of the industrial products company's stock valued at $255,000 after buying an additional 37 shares during the period. Abundance Wealth Counselors boosted its stake in shares of Hubbell by 1.6% in the 1st quarter. Abundance Wealth Counselors now owns 2,573 shares of the industrial products company's stock valued at $851,000 after buying an additional 41 shares during the period. Vestcor Inc raised its position in shares of Hubbell by 2.4% during the 1st quarter. Vestcor Inc now owns 2,146 shares of the industrial products company's stock worth $710,000 after acquiring an additional 50 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in Hubbell by 16.4% during the first quarter. Brooklyn Investment Group now owns 384 shares of the industrial products company's stock worth $127,000 after buying an additional 54 shares during the period. 88.16% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on HUBB. Wells Fargo & Company raised Hubbell from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $445.00 to $490.00 in a report on Tuesday, September 2nd. Barclays upped their target price on Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Stephens restated an "overweight" rating and set a $500.00 price target on shares of Hubbell in a research note on Thursday. Finally, Wall Street Zen upgraded Hubbell from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $472.63.

Hubbell Stock Down 3.0%

HUBB traded down $13.51 on Friday, reaching $437.42. The company's stock had a trading volume of 729,280 shares, compared to its average volume of 410,912. The stock has a market cap of $23.24 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.45 and a beta of 0.99. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35. 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 business's 50 day moving average is $430.95 and its 200 day moving average is $388.58.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, beating analysts' consensus estimates of $4.36 by $0.57. Hubbell had a return on equity of 27.63% and a net margin of 14.76%.The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.51 billion. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. As a group, research analysts forecast that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

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

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.