JPMorgan Chase & Co. upgraded shares of Hubbell (NYSE:HUBB) from a neutral rating to an overweight rating in a report published on Thursday, January 18th, MarketBeat.com reports.
A number of other research firms have also commented on HUBB. Zacks Investment Research upgraded shares of Hubbell from a hold rating to a buy rating and set a $152.00 price objective on the stock in a research note on Tuesday, January 16th. Oppenheimer upgraded shares of Hubbell from a market perform rating to an outperform rating and set a $160.00 price objective on the stock in a research note on Friday, January 12th. Wells Fargo & Co restated a buy rating and issued a $143.00 price objective (up from $136.00) on shares of Hubbell in a research note on Wednesday, December 20th. BidaskClub upgraded shares of Hubbell from a hold rating to a buy rating in a research note on Friday, October 27th. Finally, Morgan Stanley reiterated an overweight rating and set a $132.00 price target (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $153.60.
Hubbell (HUBB) traded up $1.22 during trading hours on Thursday, hitting $133.32. 649,814 shares of the company’s stock traded hands, compared to its average volume of 409,773. The firm 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. The company has a current ratio of 2.27, a quick ratio of 1.37 and a debt-to-equity ratio of 0.60. Hubbell has a fifty-two week low of $109.32 and a fifty-two week high of $149.03.
Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.12. Hubbell had a net margin of 6.63% and a return on equity of 20.16%. The firm had revenue of $917.70 million during the quarter, compared to analysts’ expectations of $901.23 million. During the same period in the previous year, the company earned $1.35 earnings per share. Hubbell’s quarterly revenue was up 7.4% compared to the same quarter last year. research analysts expect that Hubbell will post 7.2 earnings per share for the current fiscal year.
Hubbell announced that its Board of Directors has initiated a stock repurchase plan on Friday, October 20th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $3.08 annualized dividend and a yield of 2.31%. Hubbell’s payout ratio is currently 70.00%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Acrospire Investment Management LLC lifted its stake in shares of Hubbell by 103.1% during the second quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock valued at $111,000 after buying an additional 500 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Hubbell during the second quarter valued at approximately $182,000. Advisors Asset Management Inc. lifted its stake in shares of Hubbell by 1,122.0% during the third quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after buying an additional 1,481 shares during the period. Magnetar Financial LLC purchased a new position in shares of Hubbell during the third quarter valued at approximately $221,000. Finally, YorkBridge Wealth Partners LLC purchased a new position in shares of Hubbell during the second quarter valued at approximately $225,000. 85.04% of the stock is currently owned by institutional investors.
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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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