Texas Permanent School Fund Corp Cuts Holdings in Hubbell Inc $HUBB

Texas Permanent School Fund Corp reduced its holdings in Hubbell Inc (NYSE:HUBB) by 34.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,729 shares of the industrial products company’s stock after selling 1,992 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Hubbell were worth $1,523,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. McKinley Carter Wealth Services Inc. lifted its holdings in Hubbell by 16.7% in the 2nd quarter. McKinley Carter Wealth Services Inc. now owns 19,829 shares of the industrial products company’s stock valued at $8,098,000 after purchasing an additional 2,843 shares in the last quarter. Belpointe Asset Management LLC acquired a new position in shares of Hubbell in the second quarter valued at approximately $320,000. Venturi Wealth Management LLC purchased a new position in shares of Hubbell during the second quarter valued at approximately $490,000. Zurich Insurance Group Ltd FI acquired a new stake in Hubbell during the first quarter worth approximately $1,423,000. Finally, Beacon Financial Group purchased a new stake in Hubbell in the 2nd quarter worth approximately $262,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HUBB. Mizuho increased their price target on Hubbell from $475.00 to $480.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Barclays increased their target price on Hubbell from $431.00 to $456.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Stephens reissued an “overweight” rating and issued a $500.00 price target on shares of Hubbell in a research note on Thursday, September 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hubbell in a research note on Wednesday, October 8th. Finally, Evercore ISI started coverage on shares of Hubbell in a report on Monday, December 15th. They set an “outperform” rating and a $575.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $488.43.

Insider Activity at Hubbell

In related news, insider Alyssa R. Flynn sold 2,011 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $470.32, for a total transaction of $945,813.52. Following the completion of the sale, the insider directly owned 3,243 shares of the company’s stock, valued at approximately $1,525,247.76. This represents a 38.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John F. Malloy purchased 435 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average price of $429.24 per share, with a total value of $186,719.40. Following the completion of the acquisition, the director owned 19,085 shares in the company, valued at $8,192,045.40. This represents a 2.33% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.76% of the company’s stock.

Hubbell Stock Performance

Shares of NYSE:HUBB opened at $451.37 on Tuesday. The business has a 50-day moving average of $440.11 and a two-hundred day moving average of $428.86. The firm has a market capitalization of $23.99 billion, a PE ratio of 28.00, a P/E/G ratio of 2.44 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 0.85. Hubbell Inc has a 12 month low of $299.42 and a 12 month high of $484.26.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 28th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.98 by $0.19. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Hubbell had a return on equity of 27.68% and a net margin of 15.24%.The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.49 EPS. Hubbell has set its FY 2025 guidance at 18.100-18.30 EPS. As a group, research analysts forecast that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $1.42 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from Hubbell’s previous quarterly dividend of $1.32. Hubbell’s payout ratio is 35.24%.

Hubbell Company Profile

Hubbell Incorporated (NYSE: HUBB) is an industrial manufacturer and distributor of electrical and electronic products serving a range of end markets including commercial and residential construction, industrial, and utility customers. Founded in 1888 by Harvey Hubbell, the company has a long history in electrical innovation and product development and is headquartered in Connecticut. Hubbell designs, manufactures and sells components and systems that enable the distribution and control of electrical power and provide lighting solutions for indoor and outdoor environments.

The company’s offerings span a broad portfolio of products used by contractors, utilities, original equipment manufacturers and facility owners.