Wells Fargo & Company Issues Pessimistic Forecast for Hubbell (NYSE:HUBB) Stock Price

Hubbell (NYSE:HUBB) had its price objective cut by Wells Fargo & Company from $455.00 to $450.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.57% from the stock’s current price.

Several other research firms have also recently issued reports on HUBB. Barclays raised their target price on Hubbell from $402.00 to $475.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Sanford C. Bernstein began coverage on shares of Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target on the stock. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Tuesday, December 3rd. Morgan Stanley upped their target price on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Mizuho boosted their target price on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $471.50.

Hubbell Trading Down 2.3 %

Shares of NYSE HUBB traded down $10.20 during midday trading on Tuesday, reaching $430.35. The company had a trading volume of 53,989 shares, compared to its average volume of 239,955. The stock has a market cap of $23.10 billion, a PE ratio of 31.01, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93. Hubbell has a one year low of $317.32 and a one year high of $481.35. The firm’s fifty day moving average price is $445.05 and its 200-day moving average price is $413.95. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $3.95 earnings per share. On average, equities research analysts anticipate that Hubbell will post 16.47 earnings per share for the current year.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the sale, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. The trade was a 27.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Hubbell

A number of large investors have recently made changes to their positions in the company. Insight Wealth Strategies LLC boosted its holdings in shares of Hubbell by 3.3% in the fourth quarter. Insight Wealth Strategies LLC now owns 10,202 shares of the industrial products company’s stock worth $4,273,000 after buying an additional 330 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Hubbell by 29.6% during the 4th quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock worth $67,503,000 after acquiring an additional 36,643 shares during the last quarter. Everence Capital Management Inc. bought a new stake in shares of Hubbell during the 4th quarter valued at $427,000. GAMMA Investing LLC increased its stake in shares of Hubbell by 133.1% in the 4th quarter. GAMMA Investing LLC now owns 366 shares of the industrial products company’s stock worth $153,000 after purchasing an additional 209 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Hubbell by 64.6% in the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 31 shares during the period. 88.16% of the stock is currently owned by institutional investors.

About Hubbell

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies.