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 research note published on Friday morning.
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. “
Other research analysts have also recently issued reports about the stock. Oppenheimer raised shares of Hubbell from a market perform rating to an outperform rating and set a $160.00 price objective for the company in a research note on Friday. 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. BidaskClub raised shares of Hubbell from a sell rating to a hold rating in a research note on Wednesday, September 27th. Wells Fargo & Co reissued a buy rating and set a $143.00 price objective (up from $136.00) on shares of Hubbell in a research note on Wednesday, December 20th. Finally, JPMorgan Chase & Co. reaffirmed a hold rating on shares of Hubbell in a research note on Thursday, December 28th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Hubbell currently has an average rating of Hold and an average price target of $139.80.
Shares of Hubbell (NYSE HUBB) traded up $3.05 on Friday, hitting $138.34. 370,800 shares of the stock were exchanged, compared to its average volume of 372,111. 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 fifty-two week low of $109.32 and a fifty-two week high of $141.67. The stock has a market cap of $7,567.20, a PE ratio of 26.66, a price-to-earnings-growth ratio of 2.23 and a beta of 1.09.
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 Zacks’ consensus estimate of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The business had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $960.28 million. During the same period last year, the company posted $1.63 EPS. The company’s revenue was up 4.7% on a year-over-year basis. equities analysts expect that Hubbell will post 5.45 earnings per share for the current year.
Hubbell announced that its board has approved a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other Hubbell news, insider Gerben Bakker sold 590 shares of Hubbell stock in a transaction that occurred on Monday, October 30th. The shares were 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 directly owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.28% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in HUBB. Schwab Charles Investment Management Inc. grew its stake in Hubbell by 4.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 172,811 shares of the industrial products company’s stock worth $19,558,000 after acquiring an additional 7,476 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Hubbell by 8.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,071 shares of the industrial products company’s stock worth $234,000 after acquiring an additional 163 shares during the period. Riverhead Capital Management LLC grew its stake in shares of Hubbell by 57.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,998 shares of the industrial products company’s stock valued at $339,000 after buying an additional 1,098 shares during the period. Seven Eight Capital LP grew its stake in shares of Hubbell by 146.2% during the 2nd quarter. Seven Eight Capital LP now owns 3,200 shares of the industrial products company’s stock valued at $362,000 after buying an additional 1,900 shares during the period. Finally, Teachers Advisors LLC grew its stake in shares of Hubbell by 0.5% during the 2nd quarter. Teachers Advisors LLC now owns 243,815 shares of the industrial products company’s stock valued at $27,593,000 after buying an additional 1,262 shares during the period. 85.16% of the stock is owned by hedge funds and other institutional investors.
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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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