PNC Financial Services Group Inc. Sells 70,280 Shares of Hubbell Inc $HUBB

PNC Financial Services Group Inc. reduced its holdings in shares of Hubbell Inc (NYSE:HUBB) by 20.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 277,569 shares of the industrial products company’s stock after selling 70,280 shares during the period. PNC Financial Services Group Inc.’s holdings in Hubbell were worth $113,362,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in Hubbell by 2.1% during the first quarter. Invesco Ltd. now owns 1,522,338 shares of the industrial products company’s stock valued at $503,757,000 after purchasing an additional 31,859 shares in the last quarter. Deutsche Bank AG boosted its stake in Hubbell by 35.1% in the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company’s stock valued at $365,353,000 after buying an additional 287,047 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Hubbell by 181.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company’s stock valued at $322,702,000 after acquiring an additional 628,886 shares during the period. Nuveen LLC bought a new position in shares of Hubbell during the first quarter valued at $213,283,000. Finally, Boston Partners bought a new stake in shares of Hubbell in the 2nd quarter worth about $230,200,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

Insider Activity

In other Hubbell news, insider Alyssa R. Flynn sold 2,011 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider directly owned 3,243 shares in the company, valued at $1,525,247.76. This trade represents a 38.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark Eugene Mikes sold 2,470 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $466.50, for a total value of $1,152,255.00. Following the transaction, the insider owned 4,785 shares in the company, valued at $2,232,202.50. The trade was a 34.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.76% of the company’s stock.

Hubbell Trading Up 0.5%

Shares of NYSE:HUBB opened at $452.45 on Thursday. The firm has a market cap of $24.05 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 2.60 and a beta of 1.00. The company has a quick ratio of 0.76, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. Hubbell Inc has a 12 month low of $299.42 and a 12 month high of $484.26. The company’s fifty day simple moving average is $437.87 and its 200 day simple moving average is $417.45.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 28th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.98 by $0.19. Hubbell had a net margin of 15.24% and a return on equity of 27.68%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the company earned $4.49 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. Hubbell has set its FY 2025 guidance at 18.100-18.30 EPS. As a group, research analysts forecast that Hubbell Inc will post 17.63 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a $1.42 dividend. The ex-dividend date of this dividend is Friday, November 28th. This is a boost from Hubbell’s previous quarterly dividend of $1.32. This represents a $5.68 annualized dividend and a dividend yield of 1.3%. Hubbell’s payout ratio is currently 35.24%.

Wall Street Analysts Forecast Growth

HUBB has been the topic of several research analyst reports. Mizuho upped their price objective on shares of Hubbell from $475.00 to $480.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hubbell in a report on Wednesday, October 8th. Wall Street Zen raised shares of Hubbell from a “buy” rating to a “strong-buy” rating in a report on Sunday, November 2nd. Barclays boosted their target price on Hubbell from $431.00 to $456.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Finally, Stephens reissued an “overweight” rating and set a $500.00 price objective on shares of Hubbell in a report on Thursday, September 11th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $477.83.

Hubbell Profile

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies.