Nisa Investment Advisors LLC has decreased its stake in Hubbell Inc (NYSE: HUBB) by 4.8% in the first quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now holds 5,478 shares of the industrial products company after selling 274 shares during this period. As of the latest disclosure, Nisa’s holdings in Hubbell are valued at approximately $1,813,000.
Other significant investors have also made adjustments to their positions in Hubbell. The Teacher Retirement System of Texas raised its stake by an impressive 1,462.9% during the first quarter, acquiring an additional 7,344 shares to reach a total of 7,846 shares valued at $2,596,000. Similarly, Private Trust Co. NA increased its holdings by 60.4%, now owning 292 shares worth $97,000. CX Institutional acquired a new stake valued at $49,000, while GAMMA Investing LLC boosted its position by 58.7%, holding 581 shares worth $192,000.
In addition, UMB Bank n.a. increased its stake by 21.1%, now owning 322 shares valued at $107,000. Overall, institutional investors and hedge funds currently own approximately 88.16% of Hubbell’s stock.
Current Stock Performance and Dividend Announcement
On Monday, shares of Hubbell opened at $419.18. The company, with a market capitalization of $22.37 billion, has a price-to-earnings ratio of 28.36 and a beta of 0.99. Over the past twelve months, the stock has fluctuated between a low of $299.43 and a high of $481.35. The current ratio stands at 1.17, while the quick ratio is 0.73 and the debt-to-equity ratio is 0.32.
Recently, Hubbell announced a quarterly dividend of $1.32 per share, which was paid on June 16, 2023. Shareholders of record as of May 30, 2023, received this dividend, with an annualized yield of 1.26%. The company’s dividend payout ratio (DPR) currently sits at 35.72%.
Analyst Ratings and Insider Transactions
Recent evaluations from various research firms reflect a cautious outlook on Hubbell’s stock. Wall Street Zen downgraded the company from a “buy” to a “hold” rating, while Barclays raised its target price from $414.00 to $420.00, maintaining an “equal weight” rating. Wells Fargo & Company set a price target of $420.00 with the same rating, and JPMorgan Chase & Co. increased its price objective from $352.00 to $417.00, assigning a “neutral” rating. Currently, six analysts have rated the stock as a hold, while three have issued buy recommendations, leading to a consensus rating of “Hold” and a target price of $456.25 according to MarketBeat.
In terms of insider transactions, Director Carlos M. Cardoso sold 400 shares on May 21, 2023, at an average price of $386.29, totaling $154,516.00. Following this sale, Cardoso now owns 1,727 shares valued at approximately $667,122.83, marking an 18.81% decrease in his holdings. Additionally, Chief Executive Officer Gerben Bakker sold 7,723 shares on May 14, 2023, for a total of $2,970,497.49, resulting in an 8.60% reduction of his position. Following this transaction, Bakker retains ownership of 82,101 shares valued at around $31,578,507.63.
Hubbell Inc, along with its subsidiaries, designs, manufactures, and sells electrical and utility solutions both in the United States and internationally. The company operates through two main segments: Electrical Solutions and Utility Solutions. The Electrical Solutions segment provides a range of products including wiring devices, electrical equipment, and lighting fixtures utilized by various industries.
For detailed updates on Hubbell and other investment activities, visit HoldingsChannel.com for the latest 13F filings and insider trades.
