Truist Financial Corp Raises Stake in Hubbell Inc $HUBB

Truist Financial Corp grew its position in Hubbell Inc (NYSE:HUBB) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,492 shares of the industrial products company’s stock after buying an additional 472 shares during the quarter. Truist Financial Corp’s holdings in Hubbell were worth $6,736,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in HUBB. Central Pacific Bank Trust Division purchased a new stake in Hubbell in the second quarter worth about $29,000. Tsfg LLC purchased a new stake in shares of Hubbell in the 1st quarter worth approximately $30,000. CX Institutional purchased a new stake in shares of Hubbell in the 1st quarter worth approximately $49,000. NBC Securities Inc. purchased a new stake in shares of Hubbell in the 1st quarter worth approximately $49,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Hubbell in the 1st quarter worth approximately $53,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Stock Performance

Shares of HUBB stock opened at $413.16 on Tuesday. The firm has a market capitalization of $21.96 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.30 and a quick ratio of 0.76. The business has a fifty day moving average of $432.36 and a 200 day moving average of $398.07. Hubbell Inc has a 1 year low of $299.42 and a 1 year high of $481.35.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.36 by $0.57. Hubbell had a net margin of 14.76% and a return on equity of 27.63%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.51 billion. Hubbell has set its FY 2025 guidance at 17.650-18.15 EPS. As a group, research analysts expect that Hubbell Inc will post 17.63 earnings per share for the current year.

Hubbell Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, August 29th. Hubbell’s payout ratio is currently 34.29%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HUBB. Weiss Ratings restated a “buy (b-)” rating on shares of Hubbell in a report on Saturday, September 27th. Wall Street Zen upgraded Hubbell from a “buy” rating to a “strong-buy” rating in a research note on Friday. Wells Fargo & Company upgraded Hubbell from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $445.00 to $490.00 in a research note on Tuesday, September 2nd. Barclays increased their price target on shares of Hubbell from $420.00 to $431.00 and gave the company an “equal weight” rating in a research report on Friday, August 1st. Finally, Stephens reissued an “overweight” rating and set a $500.00 price target on shares of Hubbell in a research report on Thursday, September 11th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $472.63.

About Hubbell

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.