Voya Investment Management LLC Sells 3,505 Shares of Hubbell Inc $HUBB

Voya Investment Management LLC cut its stake in shares of Hubbell Inc (NYSE:HUBB) by 12.5% in the third quarter, Holdings Channel reports. The firm owned 24,581 shares of the industrial products company’s stock after selling 3,505 shares during the quarter. Voya Investment Management LLC’s holdings in Hubbell were worth $10,577,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division bought a new position in Hubbell during the second quarter worth about $29,000. Cullen Frost Bankers Inc. raised its position in shares of Hubbell by 400.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 85 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 68 shares during the period. Johnson Financial Group Inc. boosted its stake in Hubbell by 185.4% during the 2nd quarter. Johnson Financial Group Inc. now owns 137 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 89 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in Hubbell during the second quarter valued at approximately $57,000. Finally, MUFG Securities EMEA plc acquired a new position in Hubbell during the second quarter valued at approximately $65,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Insider Buying and Selling

In other Hubbell news, insider Mark Eugene Mikes sold 2,470 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $466.50, for a total value of $1,152,255.00. Following the transaction, the insider directly owned 4,785 shares in the company, valued at $2,232,202.50. The trade was a 34.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alyssa R. Flynn sold 2,011 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $470.32, for a total transaction of $945,813.52. Following the completion of the transaction, the insider directly owned 3,243 shares in the company, valued at $1,525,247.76. The trade was a 38.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.76% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

HUBB has been the subject of a number of recent analyst reports. Barclays upped their price objective on shares of Hubbell from $431.00 to $456.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Evercore ISI assumed coverage on Hubbell in a report on Monday, December 15th. They issued an “outperform” rating and a $575.00 price target for the company. UBS Group reaffirmed a “neutral” rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, December 12th. JPMorgan Chase & Co. lifted their price objective on Hubbell from $417.00 to $458.00 and gave the company a “neutral” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hubbell in a research note on Wednesday, October 8th. Five equities research 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 has an average rating of “Moderate Buy” and an average target price of $488.43.

Hubbell Stock Performance

Shares of HUBB opened at $455.66 on Wednesday. The company has a market cap of $24.22 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 2.48 and a beta of 1.01. The firm has a 50-day moving average of $440.69 and a 200-day moving average of $429.28. Hubbell Inc has a one year low of $299.42 and a one year high of $484.26. 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 (NYSE:HUBB) last issued its earnings results on Tuesday, October 28th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.98 by $0.19. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.54 billion. Hubbell had a net margin of 15.24% and a return on equity of 27.68%. Hubbell’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the business posted $4.49 EPS. Hubbell has set its FY 2025 guidance at 18.100-18.30 EPS. As a group, equities analysts forecast that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a dividend of $1.42 per share. The ex-dividend date was Friday, November 28th. This represents a $5.68 annualized dividend and a dividend yield of 1.2%. This is an increase from Hubbell’s previous quarterly dividend of $1.32. Hubbell’s dividend payout ratio is presently 35.24%.

Hubbell 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.