173,558 Shares in Hubbell Inc $HUBB Acquired by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC acquired 173,558 shares of Hubbell Inc, valued at approximately $57.4 million, representing about 0.33% ownership of the company.
• Hubbell's quarterly earnings surpassed estimates, with $4.93 earnings per share against a consensus of $4.36, although revenue fell short of expectations at $1.48 billion.
• The company declared a quarterly dividend of $1.32 per share, with a yield of 1.2%, scheduled for payment on September 15th.

Parnassus Investments LLC bought a new position in shares of Hubbell Inc (NYSE:HUBB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 173,558 shares of the industrial products company's stock, valued at approximately $57,432,000. Parnassus Investments LLC owned 0.33% of Hubbell at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Tsfg LLC bought a new position in Hubbell during the 1st quarter worth $30,000. NBC Securities Inc. acquired a new stake in shares of Hubbell during the 1st quarter worth $49,000. CX Institutional bought a new position in shares of Hubbell in the first quarter worth $49,000. Groupe la Francaise acquired a new position in Hubbell in the first quarter valued at about $57,000. Finally, Intact Investment Management Inc. bought a new stake in Hubbell during the first quarter worth about $66,000. 88.16% of the stock is currently owned by institutional investors.

Hubbell Stock Down 0.1%

HUBB traded down $0.33 during midday trading on Tuesday, hitting $430.66. The company had a trading volume of 394,060 shares, compared to its average volume of 620,410. The stock's 50 day moving average price is $425.84 and its 200 day moving average price is $385.04. Hubbell Inc has a 52 week low of $299.42 and a 52 week high of $481.35. The company has a market capitalization of $22.89 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 2.41 and a beta of 0.99. 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 EPS for the quarter, beating the consensus estimate of $4.36 by $0.57. Hubbell had a return on equity of 27.63% and a net margin of 14.76%.The company 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. On average, research analysts anticipate that Hubbell Inc will post 17.63 earnings per share for the current fiscal year.

Hubbell Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.