Federated Hermes Boosts Stake in Hubbell Inc. by 8.5%

Federated Hermes Inc. has increased its stake in Hubbell Inc. (NYSE: HUBB) by 8.5%, according to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The investment firm acquired an additional 6,920 shares during the second quarter, bringing its total holdings to 88,290 shares valued at approximately $36.06 million.

Several institutional investors have also recently adjusted their positions in Hubbell. Central Pacific Bank Trust Division purchased a new stake worth $29,000 in the second quarter. Cullen Frost Bankers Inc. boosted its holdings by 400%, owning 85 shares valued at $35,000 after buying an additional 68 shares. Johnson Financial Group Inc. increased its position by 185.4%, holding 137 shares worth $56,000 after acquiring 89 shares. Other notable purchases include Ransom Advisory Ltd and Groupe la Francaise, who acquired stakes valued at approximately $53,000 and $57,000, respectively. Overall, 88.16% of Hubbell’s stock is held by hedge funds and institutional investors.

Hubbell Stock Performance and Dividend Increase

On Tuesday, shares of Hubbell opened at $441.25. The company has experienced a twelve-month low of $299.42 and a high of $484.26. With a market capitalization of $23.45 billion, Hubbell has a price-to-earnings (P/E) ratio of 27.37 and a price-to-earnings growth (P/E/G) ratio of 2.43. The firm recently announced a quarterly dividend of $1.42 per share, to be paid on December 15, 2023, to shareholders recorded as of November 28, 2023. This marks an increase from the previous dividend of $1.32, resulting in an annualized dividend of $5.68 and a yield of 1.3%.

The ex-dividend date for this payment is also set for November 28, 2023, and the company’s current payout ratio stands at 35.24%.

Analyst Ratings and Insider Transactions

Recent analyst reports have been positive regarding Hubbell’s stock. Wells Fargo & Company raised its price target from $490.00 to $500.00, assigning the stock an “overweight” rating. Wall Street Zen upgraded its rating from “buy” to “strong-buy.” Additionally, JPMorgan Chase & Co. adjusted its price target from $417.00 to $458.00 while maintaining a “neutral” rating. Barclays also increased its price objective from $431.00 to $456.00, categorizing the stock as “equal weight.” Currently, four analysts rate the stock as a buy, while three recommend holding. According to MarketBeat.com, Hubbell has an average rating of “Moderate Buy” with a target price of $474.00.

In related news, insider Mark Eugene Mikes sold 2,470 shares on November 5, 2023, at an average price of $466.50, totaling $1,152,255.00. Following this transaction, he retains 4,785 shares valued at approximately $2.23 million. Another insider, Alyssa R. Flynn, sold 2,011 shares on November 3, 2023, at an average price of $470.32, amounting to $945,813.52. Following her sale, she holds 3,243 shares valued at around $1.53 million. Insiders currently own 0.76% of the company’s stock.

Hubbell Incorporated, along with its subsidiaries, designs, manufactures, and sells electrical and utility solutions both in the United States and internationally. It operates through two main segments: Electrical Solutions and Utility Solutions, providing a wide range of products and services for industrial, commercial, and institutional applications.