Hubbell Incorporated, a leading industrial products company, has seen a boost in its holdings by ELCO Management Co. LLC. According to the company’s most recent disclosure with the Securities and Exchange Commission (SEC), ELCO Management Co. LLC increased its holdings in Hubbell by 6.6% during the first quarter of this year. This increase resulted in the firm owning 5,559 shares of Hubbell’s stock, an additional 345 shares compared to the previous period.
With this increase, Hubbell now comprises approximately 1.0% of ELCO Management Co. LLC’s investment portfolio, making it their 25th largest holding. The total value of ELCO’s holdings in Hubbell stood at $1,353,000 as per their most recent SEC filing.
Financial analysts have recently commented on Hubbell’s performance and prospects. Mizuho raised its price target for Hubbell from $300 to $370 in a report published on July 26th. Another financial institution that weighed in was Wells Fargo & Company which raised its target price from $287 to $318 on July 10th. Wolfe Research also had positive sentiments about Hubbell when they upgraded their rating from “underperform” to “peer perform” on August 11th. Furthermore, StockNews.com initiated coverage on Hubbell with a “buy” rating on August 17th.
While there is one sell rating given by an investment analyst, four hold ratings and two buy ratings provide mixed sentiments about the company’s stock performance. Bloomberg reports that a consensus among analysts rates Hubbell as “hold” and sets a consensus target price of $265.17.
On Friday, September 10th, shares of HUBB traded at $327.57 during trading hours with a volume of 417,109 shares exchanged—higher than its average volume of 398,497 shares traded daily. The stock has shown stability with a 50-day moving average price of $319.94 and a two-hundred-day moving average price of $285.38.
Hubbell Incorporated has demonstrated its resilience by reaching a 12-month high of $340.06 after hitting a low of $209.96 in the past year. The company boasts a debt-to-equity ratio of 0.55, indicating a balanced financial position. Additionally, Hubbell has a quick ratio of 1.32 and a current ratio of 2.06, reflecting its ability to meet short-term obligations.
With a market capitalization of $17.57 billion, Hubbell Incorporated continues to showcase strong performance indicators, including a moderate price-to-earnings (P/E) ratio of 27.23 and an attractive price-to-earnings-growth (PEG) ratio of 2.12—a sign that the stock is reasonably priced relative to its growth prospects in the industry.
In summary, ELCO Management Co. LLC’s increased holdings in Hubbell Incorporated reflect growing confidence in the company’s performance. The support from financial analysts further indicates positive sentiment towards the stock’s potential growth trajectory. As HUBB continues to trade at solid levels and demonstrate stable financials, investors should carefully consider these factors when evaluating their investment decisions in Hubbell Incorporated’s stock going forward into September 2023.
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Hubbell Incorporated Gains Hedge Fund Attention and Demonstrates Strong Financial Performance
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”USMC” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Hubbell Incorporated, a leading industrial products company, has recently caught the attention of several hedge funds. Price T Rowe Associates Inc. MD grew its stake in Hubbell by 42.9% during the first quarter, bringing its total ownership to 5,028,010 shares worth $1,223,367,000. Envestnet Asset Management Inc. also significantly increased its position in Hubbell by 3,204.3% during the same period, now owning 1,059,051 shares valued at $8,332,000. Wellington Management Group LLP followed suit and saw a 133.8% increase in its holdings of Hubbell during the first quarter totaling 1,543,481 shares worth $283,646,000.
Adding to this influx of institutional investors is Norges Bank who acquired a new position in Hubbell worth about $90,375,000 in the fourth quarter of last year. Artisan Partners Limited Partnership joined the ranks as well by purchasing a new stake in Hubbell during Q1 worth approximately $76,784,000. In fact, hedge funds and other institutional investors currently own a staggering 85.97% of the company’s stock.
In terms of noteworthy insider activities within Hubbell Incorporated recently; CEO Gerben Bakker sold 5,895 shares on August 1st for approximately $1.85 million while Alyssa R. Flynn sold 2,293 shares on August 2nd for around $720k. Further details regarding these transactions can be found on the Securities and Exchange Commission’s (SEC) website.
Various equities analysts have weighed in on HUBB stock as well. Mizuho increased their price target from $300 to $370 and Wells Fargo & Company raised their target price from $287 to $318 following positive earnings results released on July 25th which surpassed consensus estimates by posting an EPS of $4.07, beating expectations by $0.44. Hubbell’s return on equity for the quarter was an impressive 29.48% with a net margin of 12.55%. The company recorded revenue of $1.37 billion, up 8.8% from the previous year. Analysts project that Hubbell Incorporated will post earnings per share of 15.32 for the current fiscal year.
Lastly, the company disclosed its intention to pay a quarterly dividend of $1.12 per share on September 15th to shareholders of record as of August 31st (ex-dividend date: August 30th). This represents an annualized dividend of $4.48 and a dividend yield of 1.37%. Hubbell’s payout ratio stands at 37.24%.
Overall, with increasing interest from hedge funds and impressive financial performance, Hubbell Incorporated seems poised for success in the industrial products industry moving forward.
