Walleye Capital LLC Takes Position in Hubbell Inc $HUBB

Key Points

• Walleye Capital LLC has acquired a new stake in Hubbell Inc ($HUBB), purchasing 800 shares worth approximately $265,000 in the first quarter of 2023.
• Hubbell posted an earnings per share of $4.93 for the quarter, surpassing estimates of $4.36, despite revenues of $1.48 billion falling short of the projected $1.51 billion.
• The company announced a quarterly dividend of $1.32 per share, yielding 1.2%, with the payment set for September 15th to shareholders of record on August 29th.

Walleye Capital LLC acquired a new stake in Hubbell Inc (NYSE:HUBB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 800 shares of the industrial products company's stock, valued at approximately $265,000.

Several other hedge funds and other institutional investors have also modified their holdings of HUBB. Nuveen LLC acquired a new position in shares of Hubbell in the 1st quarter valued at about $213,283,000. Deutsche Bank AG lifted its position in Hubbell by 35.1% during the 1st 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. GAMMA Investing LLC lifted its position in Hubbell by 52,429.8% during the 1st quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company's stock worth $636,200,000 after acquiring an additional 191,893 shares in the last quarter. PointState Capital LP acquired a new position in Hubbell during the 4th quarter worth approximately $78,443,000. Finally, Ameriprise Financial Inc. lifted its position in Hubbell by 80.1% during the 4th quarter. Ameriprise Financial Inc. now owns 336,308 shares of the industrial products company's stock worth $140,876,000 after acquiring an additional 149,622 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Stock Performance

Shares of HUBB opened at $428.15 on Thursday. The business's 50 day moving average is $426.96 and its two-hundred day moving average is $385.66. Hubbell Inc has a 52-week low of $299.42 and a 52-week high of $481.35. The firm has a market cap of $22.75 billion, a price-to-earnings ratio of 27.80, 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 announced its 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. Hubbell had a return on equity of 27.63% and a net margin of 14.76%.The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.51 billion. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. 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. Shareholders of record on Friday, August 29th will be given a $1.32 dividend. 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 is presently 34.29%.

Analysts Set New Price Targets

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

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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