Zacks Investment Research Downgrades Hubbell (HUBB) to Hold

Zacks Investment Research downgraded shares of Hubbell (NYSE:HUBB) from a buy rating to a hold rating in a report published on Thursday, January 25th.

According to Zacks, “Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products to commercial, industrial, utility and telecommunications markets. The Company’s products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment and voice and data signal processing components. Hubbell Incorporated is based in SHELTON, United States. “

A number of other research analysts have also commented on HUBB. JPMorgan Chase & Co. upgraded Hubbell from a neutral rating to an overweight rating in a research report on Thursday, January 18th. BidaskClub upgraded Hubbell from a sell rating to a hold rating in a research report on Wednesday, September 27th. Morgan Stanley restated an overweight rating and issued a $132.00 price target (up from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Oppenheimer upgraded Hubbell from a market perform rating to an outperform rating and set a $160.00 price target on the stock in a research report on Friday, January 12th. Finally, Wells Fargo & Co restated a buy rating and issued a $143.00 price target (up from $136.00) on shares of Hubbell in a research report on Wednesday, December 20th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $153.60.

Shares of Hubbell (NYSE:HUBB) opened at $133.32 on Thursday. Hubbell has a 52-week low of $109.32 and a 52-week high of $149.03. The company has a quick ratio of 1.37, a current ratio of 2.27 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $7,249.91, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 1.84 and a beta of 1.01.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, January 30th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.12. Hubbell had a return on equity of 20.16% and a net margin of 6.63%. The business had revenue of $917.70 million during the quarter, compared to analysts’ expectations of $901.23 million. During the same period in the prior year, the firm posted $1.35 EPS. Hubbell’s quarterly revenue was up 7.4% compared to the same quarter last year. sell-side analysts expect that Hubbell will post 7.2 earnings per share for the current fiscal year.

Hubbell announced that its board has initiated a stock buyback plan on Friday, October 20th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Tuesday, February 27th. Hubbell’s dividend payout ratio is 70.00%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS Asset Management Americas Inc. increased its position in Hubbell by 18.3% during the second quarter. UBS Asset Management Americas Inc. now owns 39,853 shares of the industrial products company’s stock worth $4,510,000 after buying an additional 6,156 shares during the last quarter. Northern Trust Corp increased its position in Hubbell by 25.9% during the second quarter. Northern Trust Corp now owns 613,755 shares of the industrial products company’s stock worth $69,460,000 after buying an additional 126,140 shares during the last quarter. Vanguard Group Inc. increased its position in Hubbell by 2.0% during the second quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock worth $514,386,000 after buying an additional 89,275 shares during the last quarter. FMR LLC increased its position in Hubbell by 14.9% during the second quarter. FMR LLC now owns 796,187 shares of the industrial products company’s stock worth $90,104,000 after buying an additional 103,017 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Hubbell by 4.9% during the second quarter. California Public Employees Retirement System now owns 143,201 shares of the industrial products company’s stock worth $16,206,000 after buying an additional 6,700 shares during the last quarter. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

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About Hubbell

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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