Federated Hermes Inc. Has $33.50 Million Stake in Hubbell Inc $HUBB

Federated Hermes Inc. reduced its stake in shares of Hubbell Inc (NYSE:HUBB) by 11.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,857 shares of the industrial products company’s stock after selling 10,433 shares during the period. Federated Hermes Inc.’s holdings in Hubbell were worth $33,503,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. McKinley Carter Wealth Services Inc. increased its position in shares of Hubbell by 16.7% during the second 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 during the period. Belpointe Asset Management LLC bought a new position in Hubbell in the second quarter worth $320,000. Venturi Wealth Management LLC acquired a new stake in Hubbell during the second quarter worth $490,000. Nordea Investment Management AB increased its holdings in Hubbell by 15.7% in the 3rd quarter. Nordea Investment Management AB now owns 203,399 shares of the industrial products company’s stock valued at $87,333,000 after buying an additional 27,576 shares during the period. Finally, Walter Public Investments Inc. raised its stake in shares of Hubbell by 33.3% in the 3rd quarter. Walter Public Investments Inc. now owns 35,086 shares of the industrial products company’s stock valued at $15,098,000 after buying an additional 8,774 shares in the last quarter. Institutional investors own 88.16% of the company’s stock.

Insider Activity at Hubbell

In related news, Director John F. Malloy purchased 435 shares of Hubbell stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average price of $429.24 per share, for a total transaction of $186,719.40. Following the transaction, the director directly owned 19,085 shares in the company, valued at approximately $8,192,045.40. This represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Alyssa R. Flynn sold 2,011 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $470.32, for a total transaction of $945,813.52. Following the sale, the insider directly owned 3,243 shares in the company, valued at approximately $1,525,247.76. This represents a 38.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.66% of the stock is currently owned by company insiders.

Hubbell Trading Down 2.0%

HUBB stock opened at $488.11 on Friday. The business has a fifty day moving average price of $457.30 and a 200 day moving average price of $442.25. 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 fifty-two week low of $299.42 and a fifty-two week high of $501.32. The stock has a market capitalization of $25.94 billion, a price-to-earnings ratio of 30.28, a P/E/G ratio of 2.52 and a beta of 1.02.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 28th. The industrial products company reported $5.17 EPS for the quarter, topping analysts’ consensus estimates of $4.98 by $0.19. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.54 billion. Hubbell had a return on equity of 27.68% and a net margin of 15.24%.The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.49 earnings per share. Analysts expect that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HUBB. Mizuho lifted their target price on shares of Hubbell from $480.00 to $500.00 and gave the company an “outperform” rating in a research report on Monday, January 5th. Wells Fargo & Company raised their price target on shares of Hubbell from $500.00 to $515.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. JPMorgan Chase & Co. upped their price objective on Hubbell from $417.00 to $458.00 and gave the company a “neutral” rating in a research note on Wednesday, October 15th. Barclays raised their target price on Hubbell from $456.00 to $465.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 7th. Finally, Morgan Stanley set a $515.00 price target on Hubbell in a research report on Wednesday, January 7th. Five 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, Hubbell presently has a consensus rating of “Moderate Buy” and an average target price of $497.25.

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.