Hubbell Inc (NYSE:HUBB) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday, October 27th.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Hubbell from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Morgan Stanley reissued an “overweight” rating and set a $132.00 price objective (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Finally, Wolfe Research assumed coverage on Hubbell in a research note on Tuesday, July 11th. They set a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $124.00.
Shares of Hubbell (NYSE HUBB) traded down $0.39 during midday trading on Friday, reaching $122.60. The company’s stock had a trading volume of 260,700 shares, compared to its average volume of 285,486. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59. Hubbell has a 52 week low of $109.27 and a 52 week high of $127.34. The company has a market capitalization of $6,690.00 and a PE ratio of 21.43.
Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.15. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The company had revenue of $950.50 million for the quarter, compared to analysts’ expectations of $960.28 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. equities analysts predict that Hubbell will post 5.44 EPS for the current year.
Hubbell declared that its board has approved a share repurchase plan on Friday, October 20th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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In other news, insider Gerben Bakker sold 590 shares of the company’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 transaction of $73,950.60. Following the transaction, the insider now owns 13,249 shares of the company’s stock, valued at $1,660,629.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.28% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Hubbell by 2.0% during the second quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after buying an additional 89,275 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Hubbell by 1.4% in the second quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock valued at $484,595,000 after purchasing an additional 57,699 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Hubbell by 1.3% in the third quarter. JPMorgan Chase & Co. now owns 2,027,573 shares of the industrial products company’s stock valued at $234,915,000 after purchasing an additional 25,710 shares during the period. American Century Companies Inc. boosted its holdings in shares of Hubbell by 3.8% in the third quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock valued at $205,429,000 after purchasing an additional 64,779 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Hubbell by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 1,691,911 shares of the industrial products company’s stock valued at $191,474,000 after purchasing an additional 122,855 shares during the period. 85.17% of the stock is currently owned by hedge funds and other institutional investors.
Hubbell Company Profile
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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