Barclays Cuts Hubbell (NYSE:HUBB) Price Target to $422.00

Hubbell (NYSE:HUBB) had its target price cut by Barclays from $475.00 to $422.00 in a research note published on Monday,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

HUBB has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft cut shares of Hubbell from a “buy” rating to a “hold” rating and cut their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. Wells Fargo & Company cut their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Finally, Sanford C. Bernstein began coverage on shares of Hubbell in a research report on Tuesday, November 5th. They set an “outperform” rating and a $535.00 target price for the company. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Hubbell presently has a consensus rating of “Hold” and an average target price of $464.88.

Hubbell Stock Up 0.7 %

HUBB stock opened at $354.38 on Monday. The company has a market cap of $19.02 billion, a P/E ratio of 24.68, a P/E/G ratio of 1.34 and a beta of 0.95. Hubbell has a 52 week low of $340.38 and a 52 week high of $481.35. The company’s 50-day moving average price is $409.16 and its 200 day moving average price is $423.47. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.69 earnings per share. On average, research analysts expect that Hubbell will post 17.63 earnings per share for the current fiscal year.

Hubbell announced that its board has initiated a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $1.32 dividend. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.49%. Hubbell’s payout ratio is 36.77%.

Insider Activity at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Hubbell

Institutional investors have recently bought and sold shares of the stock. Stephens Inc. AR grew its stake in Hubbell by 19.7% during the third quarter. Stephens Inc. AR now owns 1,663 shares of the industrial products company’s stock worth $712,000 after buying an additional 274 shares during the period. Gladstone Institutional Advisory LLC grew its stake in Hubbell by 9.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 817 shares of the industrial products company’s stock worth $350,000 after buying an additional 69 shares during the period. Janney Montgomery Scott LLC grew its stake in Hubbell by 5.2% during the third quarter. Janney Montgomery Scott LLC now owns 12,917 shares of the industrial products company’s stock worth $5,533,000 after buying an additional 640 shares during the period. Van ECK Associates Corp grew its stake in Hubbell by 11.0% during the third quarter. Van ECK Associates Corp now owns 9,741 shares of the industrial products company’s stock worth $4,332,000 after buying an additional 966 shares during the period. Finally, BSW Wealth Partners purchased a new stake in Hubbell during the third quarter worth approximately $210,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

Hubbell Company Profile

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.