Nisa Investment Advisors LLC has decreased its stake in Hubbell Inc (NYSE: HUBB) by 4.8% during the first quarter of 2023. According to a disclosure filed with the Securities and Exchange Commission, the firm now holds 5,478 shares of the industrial products company, down from the previous quarter after selling 274 shares. As of the recent filing, Nisa’s holdings in Hubbell were valued at approximately $1.8 million.
Several other significant investors have also made adjustments to their positions in Hubbell. The Teacher Retirement System of Texas boosted its holdings by an impressive 1,462.9%, acquiring an additional 7,344 shares during the same period, bringing its total to 7,846 shares valued at $2.6 million. Private Trust Co. NA also increased its stake by 60.4%, owning 292 shares worth $97,000 after acquiring 110 shares. In addition, CX Institutional entered the market with a new stake valued at $49,000, while GAMMA Investing LLC enhanced its position by 58.7%, now holding 581 shares valued at $192,000. UMB Bank n.a. raised its stake by 21.1%, owning 322 shares worth $107,000. Overall, institutional investors and hedge funds currently hold 88.16% of Hubbell’s stock.
Hubbell Inc’s stock opened at $419.18 on Monday, reflecting a decline of 0.7%. The company has a market capitalization of $22.37 billion, with a price-to-earnings ratio of 28.36 and a beta of 0.99. It has seen a twelve-month low of $299.43 and a high of $481.35. The stock’s performance is further illustrated by its 50-day moving average of $392.77 and a 200-day moving average of $382.53.
In addition to these developments, Hubbell recently announced a quarterly dividend of $1.32, which was paid on June 16, 2023. Shareholders on record as of May 30, 2023 were eligible for this dividend. This equates to an annualized dividend of $5.28, yielding 1.26% based on current stock prices. The company’s dividend payout ratio stands at 35.72%.
Analysts have issued various ratings concerning Hubbell’s stock. Wall Street Zen downgraded it from a “buy” to a “hold” rating on April 11, 2023. Conversely, Barclays raised its target price from $414.00 to $420.00, maintaining an “equal weight” rating. Wells Fargo & Company also set a price target of $420.00 with a similar rating. Furthermore, JPMorgan Chase & Co. increased its price objective from $352.00 to $417.00, giving Hubbell a “neutral” rating. Currently, six investment analysts have rated the stock as a hold, while three have assigned a buy rating. According to MarketBeat data, the consensus rating is “Hold” with a target price of $456.25.
In insider news, Director Carlos M. Cardoso sold 400 shares on May 21, 2023, at an average price of $386.29, totaling $154,516.00. Following this transaction, Cardoso holds 1,727 shares valued at approximately $667,122.83. Additionally, CEO Gerben Bakker sold 7,723 shares on May 14, 2023, at an average price of $384.63, amounting to a total value of $2,970,497.49. After this sale, Bakker retains 82,101 shares worth about $31.58 million.
Hubbell Incorporated, with its subsidiaries, specializes in designing, manufacturing, and selling electrical and utility solutions globally. It operates through two main segments: Electrical Solutions and Utility Solutions. The Electrical Solutions segment provides a range of products, including wiring devices, electrical equipment, and various components for industrial and commercial applications.
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