Hubbell Inc. approves a $500 million share repurchase program, adding to the existing $260 million authorization.
Quiver AI Summary
Hubbell Incorporated's Board of Directors has authorized a new share repurchase program of up to $500 million, which will be effective until February 2028. This new authorization supplements an existing program that is set to expire in October 2025, under which $260 million remains available as of the end of 2024. Hubbell, based in Shelton, CT, is a prominent manufacturer in the utility and electrical solutions sector, with 2024 revenues reported at $5.6 billion, aimed at supporting critical infrastructure and community energy needs.
Potential Positives
- Hubbell Incorporated announces a new share repurchase authorization of up to $500 million, signaling confidence in the company's financial health and future prospects.
- The new program will supplement the existing repurchase program, which indicates proactive capital management and a commitment to returning value to shareholders.
- The extended timeframe until February 2028 allows for strategic flexibility in managing share buybacks in alignment with market conditions.
Potential Negatives
- The announcement of a new share repurchase program may indicate that the company is prioritizing short-term stock price support over long-term investments or operational growth, which could concern investors regarding future growth prospects.
- The existing share repurchase program set to expire in October 2025 still has a significant remaining authorization of $260 million, suggesting that the company may be utilizing substantial resources on buybacks rather than other strategic initiatives.
- Setting the expiration of the new repurchase authorization for February 2028 could raise questions about the company's confidence in future cash flows and market conditions, potentially reflecting financial challenges ahead.
FAQ
What is the value of Hubbell's new share repurchase program?
The new share repurchase authorization is up to $500 million.
When does the new share repurchase program expire?
The new program is set to expire in February 2028.
How much remaining authorization is there in the existing program?
As of December 31, 2024, the remaining authorization was $260 million.
What are Hubbell Incorporated's 2024 revenues?
Hubbell Incorporated reported revenues of $5.6 billion in 2024.
Where is Hubbell Incorporated's headquarters located?
The corporate headquarters of Hubbell Incorporated is located in Shelton, CT.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HUBB Insider Trading Activity
$HUBB insiders have traded $HUBB stock on the open market 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $HUBB stock by insiders over the last 6 months:
- MARK EUGENE MIKES (President Electrical Solutions) sold 1,144 shares for an estimated $533,328
- JOHN F MALLOY purchased 461 shares for an estimated $206,048
- NERO JONATHAN M. DEL (Vice President, Controller) sold 141 shares for an estimated $67,249
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$HUBB Hedge Fund Activity
We have seen 357 institutional investors add shares of $HUBB stock to their portfolio, and 385 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MIZUHO SECURITIES USA LLC removed 7,974,913 shares (-99.9%) from their portfolio in Q4 2024, for an estimated $3,340,611,306
- DEUTSCHE BANK AG\ added 384,603 shares (+78.7%) to their portfolio in Q3 2024, for an estimated $164,744,695
- JPMORGAN CHASE & CO removed 371,714 shares (-20.6%) from their portfolio in Q4 2024, for an estimated $155,707,277
- POINT72 ASSET MANAGEMENT, L.P. removed 269,836 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $115,584,250
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 216,192 shares (-36.4%) from their portfolio in Q3 2024, for an estimated $92,605,843
- BAIN CAPITAL PUBLIC EQUITY MANAGEMENT II, LLC removed 212,995 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $91,236,408
- MILLENNIUM MANAGEMENT LLC added 203,579 shares (+521.5%) to their portfolio in Q3 2024, for an estimated $87,203,064
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Shelton, CT, Feb. 12, 2025 (GLOBE NEWSWIRE) --
The Board of Directors of Hubbell Incorporated (NYSE:HUBB) today approved a new share repurchase authorization of up to $500 million, set to expire in February 2028.
This new program is in addition to the existing share repurchase program set to expire in October 2025, under which the Company’s remaining authorization was $260 million as of December 31, 2024.
About the Company
Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2024 revenues of $5.6 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT.
Contact:
Dan Innamorato
Hubbell Incorporated
40 Waterview Drive
P.O. Box 1000
Shelton, CT 06484
(475) 882-4000
