Jonathan M. Del Nero, Vice President and Controller of Hubbell Inc. (NYSE:HUBB), recently sold shares in the company, according to a recent SEC filing. Del Nero sold 141 shares of common stock on November 6, 2024, at a price of $476.95 per share, totaling approximately $67,249.
In addition to the sale, Del Nero also acquired 400 shares through the exercise of stock appreciation rights at a price of $163.26 per share, amounting to $65,304. This transaction was part of a series of movements that included the withholding of 259 shares to cover tax obligations, valued at $476.65 per share, totaling $123,452.
Following these transactions, Del Nero holds a total of 4,316 shares of Hubbell Inc. stock.
In other recent news, Hubbell Incorporated has been making strides in its financial performance and strategic initiatives. Bernstein recently initiated coverage on the company, giving it an Outperform rating and setting a price target of $535. The firm highlighted Hubbell's substantial sales from four key growth areas: the electrical grid, reshoring of manufacturing, data centers, and renewable energy. Bernstein analysts predict a 7-8% compound annual growth rate (CAGR) for Hubbell's revenue, surpassing the street's expectation of less than 5%.
Furthermore, Bernstein forecasts a 200 basis point increase in Hubbell's operating margins by 2027, attributing the growth to operational leverage and manufacturing cost reductions. The firm also projects Hubbell's earnings per share (EPS) to reach $18.59 by 2025, which is 5% higher than the street's expectations.
In addition to Bernstein's analysis, Hubbell reported a strong third quarter in 2024, with a 14% year-over-year increase in adjusted earnings per share and a significant expansion in adjusted operating margins. Despite challenges in the Telecom (BCBA:TECO2m) sector, the company raised its full-year outlook, expecting double-digit adjusted operating profit growth. These recent developments indicate that Hubbell is successfully navigating sector-specific challenges while leveraging its market position and strategic initiatives.
InvestingPro Insights
The recent stock transactions by Hubbell Inc.'s Vice President and Controller, Jonathan M. Del Nero, come at a time when the company's stock is performing exceptionally well. According to InvestingPro data, Hubbell has seen a remarkable 68.21% price total return over the past year, and is currently trading near its 52-week high, with the price at 97.21% of its highest point.
This strong performance is reflected in several key metrics. Hubbell's revenue for the last twelve months as of Q3 2024 stood at $5.64 billion, with a healthy revenue growth of 7.5%. The company's profitability is also noteworthy, with an operating income margin of 19.01% for the same period.
InvestingPro Tips highlight Hubbell's consistent dividend performance, having maintained dividend payments for 54 consecutive years and raised its dividend for 17 consecutive years. This commitment to shareholder returns is further underscored by a recent dividend growth of 17.86%, although the current dividend yield stands at a modest 1.13%.
While these figures paint a positive picture, investors should note that Hubbell is trading at a relatively high P/E ratio of 33.43, which may indicate that the stock is priced at a premium. This is corroborated by an InvestingPro Tip suggesting that Hubbell is trading at a high earnings multiple relative to its near-term earnings growth.
For readers interested in a deeper analysis, InvestingPro offers 18 additional tips for Hubbell Inc., providing a more comprehensive view of the company's financial health and market position.
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