On September 17, 2023, it was reported that the State Board of Administration of Florida Retirement System had decreased its stake in Hubbell Incorporated (NYSE:HUBB) by 2.5% during the first quarter. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned a total of 59,734 shares of Hubbell’s stock after selling 1,550 shares during the quarter. The value of their stake was estimated to be worth $14,534,000 at the end of the reporting period, accounting for approximately 0.11% ownership in Hubbell.
Hubbell, a leading industrial products company, announced its earnings results on July 25th. The company exceeded analysts’ consensus estimates with an earnings per share (EPS) of $4.07 for the quarter, surpassing expectations by $0.44. Alongside this impressive performance, Hubbell also reported a net margin of 12.55% and a return on equity of 29.48%. Moreover, its revenue for the quarter amounted to $1.37 billion, matching analysts’ predictions precisely. It is noteworthy to mention that Hubbell experienced an increase in revenue by 8.8%, comparing year-over-year figures from the same time last year when they earned $2.81 EPS.
Equities analysts have been closely monitoring Hubbell’s performance and have issued several research reports on the company’s stock (NYSE:HUBB). Mizuho raised their price objective on shares of Hubbell from $300 to $370 in their report released on July 26th this year. Wells Fargo & Company also offered insight into these investments; boosting their price target for Hubbell from $287 to $318 in a research report published on July 10th this year.
In addition to these reports, Wolfe Research upgraded its rating for Hubbell from “underperform” to “peer perform” on August 11th. This upgrade indicates a shift in market sentiment toward the company’s stock. Furthermore, StockNews.com began covering Hubbell on August 17th and assigned a “buy” rating on the stock. It is crucial to note that these ratings do not uniformly reflect the analysts’ views, as one analyst has given it a sell rating, four have designated it as hold, and two have indicated it is a buy. According to Bloomberg.com’s data, the stock’s consensus rating is currently classified as “Hold,” with an average price target of $265.17 being projected by experts.
In conclusion, the State Board of Administration of Florida Retirement System reduced its stake in Hubbell Incorporated by 2.5% during the first quarter of this year. Despite this change in ownership percentage, Hubbell reported strong earnings results for their most recent quarter, beating expectations and witnessing an increase in revenue compared to last year’s figures. Additionally, research reports from different financial institutions have provided varying perspectives on the future performance of Hubbell’s stock, marking it as worthy of attention and further analysis by potential investors.
Titan Machinery Inc.
Updated on: 07/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
12:00 AM (UTC)
Date:08 December, 2023
|Analyst / firm||Rating|
Robert W. Baird
Robert W. Baird
Changes in Holdings and Insider Sales: A Look at Hubbell Incorporated’s Recent Investor Activity
Hubbell Incorporated, a leading industrial products company, has recently seen some significant changes in its holdings from institutional investors and hedge funds. ProShare Advisors LLC, for instance, has increased its holdings in Hubbell by a staggering 4,246.3% during the first quarter. This means that ProShare Advisors now owns an impressive 151,946 shares of Hubbell’s stock, which is worth approximately $36,970,000. Similarly, Ameriprise Financial Inc. has also raised its holdings in the company by 34.5% during the same period.
JPMorgan Chase & Co., one of the most prominent financial institutions globally, has also shown its confidence in Hubbell by growing its holdings by 5.8% during the first quarter. The bank now possesses a substantial number of shares amounting to 2,731,202 shares valued at $664,529,000.
Other notable institutional investors include Mercer Global Advisors Inc. ADV and Waverly Advisors LLC who have significantly increased their positions in Hubbell as well.
While these developments showcase a high degree of investor confidence in Hubbell and its future prospects, it is crucial to highlight the recent actions of some key insiders within the company. CFO William R. Sperry recently sold 4,040 shares of Hubbell’s stock on August 2nd at an average price of $313.72 per share – resulting in a total value of $1,267,428.80.
Moreover, CEO Gerben Bakker sold 5,895 shares on August 1st at an average price of $314.12 per share – resulting in a total transaction value of $1,851,737.40.
It is important to note that insider selling can sometimes indicate lack of confidence or future concerns about the company’s performance; however,it can be interpreted differently based on market dynamics and individual circumstances.
This recent series of transactions raises questions about the rationale behind these insider sales. Investors and analysts might wonder whether this is merely a profit-taking strategy or an indication of underlying concerns. It is crucial for investors to closely monitor any further developments regarding insider actions.
In terms of stock performance, Hubbell Incorporated currently trades at $315.85 per share on the NYSE. The company’s stock has experienced fluctuations over the past year, with a 52-week low of $209.96 and a 52-week high of $340.06. The market capitalization of Hubbell stands at approximately $16.94 billion, while its price-to-earnings ratio is at 26.26 – indicating that the stock may be fairly valued in relation to its earnings.
As always, investors should exercise caution and conduct thorough analysis before making any investment decisions regarding Hubbell or any other company in their portfolio.
In conclusion, Hubbell Incorporated has witnessed significant changes in its holdings from institutional investors and hedge funds recently. While these developments are perplexing given the insider sales by senior executives, it remains important for investors to carefully evaluate all available information before making any investment decisions related to Hubbell or another company within their portfolio.
Please note: This article is strictly informational and does not constitute investment advice.