Almanack Investment Partners LLC. Invests $104,000 in Hubbell Incorporated (NYSE:HUBB)

Posted by on Mar 15th, 2023

Almanack Investment Partners LLC. purchased a new stake in Hubbell Incorporated (NYSE:HUBB – Get Rating) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 466 shares of the industrial products company’s stock, valued at approximately $104,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Hubbell by 69.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,870,982 shares of the industrial products company’s stock worth $1,086,230,000 after buying an additional 1,995,155 shares during the last quarter. Wellington Management Group LLP grew its stake in Hubbell by 133.8% in the 1st quarter. Wellington Management Group LLP now owns 1,543,481 shares of the industrial products company’s stock valued at $283,646,000 after buying an additional 883,272 shares during the last quarter. ExodusPoint Capital Management LP grew its position in shares of Hubbell by 161.8% in the third quarter. ExodusPoint Capital Management LP now owns 243,158 shares of the industrial products company’s stock valued at $54,224,000 after purchasing an additional 150,269 shares during the last quarter. Scout Investments Inc. bought a new position in shares of Hubbell in the third quarter worth about $30,744,000. Finally, Prudential Financial Inc. lifted its position in shares of Hubbell by 1,817.2% during the 1st quarter. Prudential Financial Inc. now owns 143,443 shares of the industrial products company’s stock worth $26,361,000 after purchasing an additional 135,961 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company’s stock.

Hubbell Price Performance

Hubbell stock opened at $245.96 on Wednesday. The business has a 50 day simple moving average of $240.04 and a 200 day simple moving average of $235.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.86 and a quick ratio of 1.18. The company has a market capitalization of $13.18 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 2.12 and a beta of 1.02. Hubbell Incorporated has a one year low of $170.21 and a one year high of $263.30.

Hubbell (NYSE:HUBB – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The industrial products company reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.19. Hubbell had a return on equity of 25.03% and a net margin of 11.40%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $2.07 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts forecast that Hubbell Incorporated will post 11.27 EPS for the current fiscal year.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th will be given a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Monday, February 27th. Hubbell’s payout ratio is presently 43.04%.

Analysts Set New Price Targets

Several brokerages have commented on HUBB. Wolfe Research downgraded Hubbell from a “peer perform” rating to an “underperform” rating and set a $235.00 price target on the stock. in a research report on Thursday, December 1st. Wells Fargo & Company increased their price target on shares of Hubbell from $221.00 to $225.00 and gave the company an “equal weight” rating in a report on Wednesday, February 1st. Morgan Stanley boosted their price objective on shares of Hubbell from $226.00 to $238.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. JPMorgan Chase & Co. raised shares of Hubbell from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $200.00 to $205.00 in a research report on Wednesday, February 1st. Finally, UBS Group cut Hubbell from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $254.00 to $225.00 in a research report on Wednesday, January 4th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $230.00.

Insiders Place Their Bets

In related news, CEO Gerben Bakker sold 9,350 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $240.80, for a total value of $2,251,480.00. Following the completion of the sale, the chief executive officer now owns 37,801 shares of the company’s stock, valued at $9,102,480.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.82% of the company’s stock.

Hubbell Company Profile

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Hubbell, Inc engages in the designing, manufacturing, and sale of electrical and electronic products for non-residential and residential construction, industrial, and utility applications. It operates through the Electrical Solutions and Utility Solutions segments. The Electrical Solutions segment manufactures and sells wiring and electrical, lighting fixtures, and controls for indoor and outdoor applications as well as specialty lighting and communications products.

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Institutional Ownership by Quarter for Hubbell (NYSE:HUBB)

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