CIBC Reaffirms Market Perform Rating for Hubbell (HUBB)
Several other equities research analysts also recently commented on HUBB. Wolfe Research upgraded shares of Hubbell to a buy rating and set a $131.00 price objective for the company in a research note on Wednesday, October 24th. They noted that the move was a valuation call. ValuEngine downgraded shares of Hubbell from a hold rating to a sell rating in a research note on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Hubbell from a hold rating to a buy rating and set a $147.00 price objective for the company in a research note on Thursday, October 4th. Morgan Stanley downgraded shares of Hubbell from an overweight rating to an equal weight rating and lowered their price objective for the stock from $131.00 to $109.00 in a research note on Tuesday, December 18th. Finally, Oppenheimer reiterated a market perform rating on shares of Hubbell in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Hubbell presently has an average rating of Hold and a consensus target price of $134.17.
Shares of Hubbell stock traded up $1.72 during trading on Tuesday, reaching $105.41. 31,674 shares of the stock traded hands, compared to its average volume of 361,735. The company has a quick ratio of 1.16, a current ratio of 1.88 and a debt-to-equity ratio of 1.01. Hubbell has a 52-week low of $91.88 and a 52-week high of $149.03. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.31 and a beta of 1.32.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 14th. Stockholders of record on Friday, November 30th were paid a dividend of $0.84 per share. This is an increase from Hubbell’s previous quarterly dividend of $0.77. This represents a $3.36 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Thursday, November 29th. Hubbell’s payout ratio is presently 56.66%.
In other Hubbell news, Director Neal J. Keating bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average cost of $101.55 per share, for a total transaction of $101,550.00. Following the completion of the transaction, the director now directly owns 6,971 shares of the company’s stock, valued at approximately $707,905.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John F. Malloy acquired 994 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was purchased at an average price of $100.82 per share, with a total value of $100,215.08. Following the transaction, the director now owns 13,020 shares of the company’s stock, valued at approximately $1,312,676.40. The disclosure for this purchase can be found here. Insiders own 0.69% of the company’s stock.
Several institutional investors have recently modified their holdings of HUBB. Citadel Advisors LLC raised its position in shares of Hubbell by 4,388.8% in the third quarter. Citadel Advisors LLC now owns 993,412 shares of the industrial products company’s stock worth $132,690,000 after acquiring an additional 971,281 shares during the period. Credit Suisse AG raised its position in shares of Hubbell by 1,355.6% in the third quarter. Credit Suisse AG now owns 608,261 shares of the industrial products company’s stock worth $81,246,000 after acquiring an additional 566,472 shares during the period. FMR LLC increased its stake in shares of Hubbell by 25.5% during the second quarter. FMR LLC now owns 1,662,452 shares of the industrial products company’s stock worth $175,788,000 after purchasing an additional 337,915 shares in the last quarter. BlackRock Inc. increased its stake in shares of Hubbell by 4.1% during the third quarter. BlackRock Inc. now owns 5,152,527 shares of the industrial products company’s stock worth $688,223,000 after purchasing an additional 200,582 shares in the last quarter. Finally, Scopus Asset Management L.P. purchased a new stake in shares of Hubbell during the third quarter worth about $22,106,000. Institutional investors and hedge funds own 86.33% of the company’s stock.
Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies for the natural gas distribution market.
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