Allstate Corp Purchases New Stake in Hubbell Inc $HUBB

Allstate Corp purchased a new stake in shares of Hubbell Inc (NYSE:HUBB) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,785 shares of the industrial products company’s stock, valued at approximately $768,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its stake in shares of Hubbell by 400.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 85 shares of the industrial products company’s stock worth $35,000 after buying an additional 68 shares during the last quarter. Mather Group LLC. bought a new position in Hubbell in the 3rd quarter valued at about $37,000. Johnson Financial Group Inc. raised its holdings in Hubbell by 185.4% in the 2nd quarter. Johnson Financial Group Inc. now owns 137 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 89 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in Hubbell during the second quarter worth approximately $57,000. Finally, MUFG Securities EMEA plc bought a new stake in shares of Hubbell during the second quarter worth approximately $65,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Alyssa R. Flynn sold 2,011 shares of Hubbell stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $470.32, for a total value of $945,813.52. Following the transaction, the insider directly owned 3,243 shares of the company’s stock, 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 through this link. Also, Director John F. Malloy acquired 435 shares of the stock in a transaction on Monday, November 17th. The shares were purchased at an average price of $429.24 per share, with a total value of $186,719.40. Following the completion of the transaction, the director owned 19,085 shares of the company’s stock, valued at approximately $8,192,045.40. This represents a 2.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.66% of the company’s stock.

Hubbell Stock Performance

HUBB opened at $483.74 on Friday. The firm has a market cap of $25.71 billion, a P/E ratio of 30.01, a price-to-earnings-growth ratio of 2.45 and a beta of 1.02. Hubbell Inc has a 52-week low of $299.42 and a 52-week high of $497.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.85 and a current ratio of 1.36. The business’s fifty day moving average is $449.09 and its 200-day moving average is $439.28.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on HUBB shares. Evercore ISI began coverage on Hubbell in a research note on Monday, December 15th. They set an “outperform” rating and a $575.00 target price on the stock. Barclays upped their price objective on Hubbell from $456.00 to $465.00 and gave the company an “equal weight” rating in a report on Wednesday, January 7th. UBS Group reiterated a “neutral” rating and set a $450.00 price objective on shares of Hubbell in a research report on Friday, December 12th. JPMorgan Chase & Co. lifted their target price on Hubbell from $417.00 to $458.00 and gave the stock a “neutral” rating in a report on Wednesday, October 15th. Finally, Wells Fargo & Company upped their price target on shares of Hubbell from $500.00 to $515.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $497.25.

Hubbell Company 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.