Hubbell Inc (NYSE:HUBB) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, November 7th.
HUBB has been the subject of several other research reports. Morgan Stanley reiterated an “overweight” rating and set a $132.00 price target (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research note on Wednesday, September 27th. Finally, Wolfe Research began coverage on Hubbell in a research note on Tuesday, July 11th. They set a “market perform” rating for the company. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $124.00.
Shares of Hubbell (NYSE:HUBB) traded down $0.45 during mid-day trading on Tuesday, reaching $119.85. The company’s stock had a trading volume of 224,200 shares, compared to its average volume of 286,322. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.43 and a current ratio of 2.28. Hubbell has a 12 month low of $109.32 and a 12 month high of $127.34. The firm has a market cap of $6,555.79, a price-to-earnings ratio of 20.88, a P/E/G ratio of 2.20 and a beta of 1.10.
Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.15. The company had revenue of $950.50 million for the quarter, compared to analyst estimates of $960.28 million. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 EPS. sell-side analysts forecast that Hubbell will post 5.44 earnings per share for the current fiscal year.
Hubbell announced that its Board of Directors has approved a share buyback program on Friday, October 20th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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In other Hubbell news, insider Gerben Bakker sold 590 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the sale, the insider now owns 13,249 shares in the company, valued at approximately $1,660,629.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of HUBB. Meeder Asset Management Inc. raised its holdings in shares of Hubbell by 2,397.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock worth $110,000 after buying an additional 935 shares in the last quarter. Acrospire Investment Management LLC raised its holdings in shares of Hubbell by 103.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after buying an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Hubbell in the 2nd quarter worth approximately $182,000. Advisors Asset Management Inc. raised its holdings in shares of Hubbell by 1,122.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock worth $187,000 after buying an additional 1,481 shares in the last quarter. Finally, Global X Management Co. LLC raised its holdings in shares of Hubbell by 220.0% in the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock worth $199,000 after buying an additional 1,210 shares in the last quarter. 83.57% of the stock is owned by institutional investors and hedge funds.
Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.
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