Hubbell (HUBB) Rating Lowered to Hold at Zacks Investment Research
Hubbell (NYSE:HUBB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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. “
Several other research firms have also weighed in on HUBB. BidaskClub lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Wells Fargo & Co reiterated a “buy” rating and issued a $143.00 target price (up from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. Oppenheimer upgraded shares of Hubbell from a “market perform” rating to an “outperform” rating in a report on Friday. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Hubbell in a report on Thursday, December 28th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $132.00 target price (up from $130.00) on shares of Hubbell in a report on Monday, October 2nd. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $134.00.
Hubbell (NYSE HUBB) opened at $138.34 on Friday. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59. The firm has a market cap of $7,400.36, a PE ratio of 26.66, a price-to-earnings-growth ratio of 2.18 and a beta of 1.09. Hubbell has a fifty-two week low of $109.32 and a fifty-two week high of $141.67.
Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.15. The company had revenue of $950.50 million for the quarter, compared to analyst estimates of $960.28 million. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. Hubbell’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 EPS. equities research analysts predict that Hubbell will post 5.45 earnings per share for the current fiscal year.
Hubbell announced that its board has initiated a share repurchase plan on Friday, October 20th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other news, insider Gerben Bakker sold 590 shares of the business’s 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in HUBB. Koch Industries Inc. purchased a new stake in shares of Hubbell in the 2nd quarter valued at approximately $364,000. Cramer Rosenthal Mcglynn LLC raised its stake in shares of Hubbell by 68.9% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 544,472 shares of the industrial products company’s stock valued at $61,618,000 after acquiring an additional 222,178 shares during the period. Prudential Financial Inc. raised its stake in shares of Hubbell by 456.3% in the 3rd quarter. Prudential Financial Inc. now owns 179,749 shares of the industrial products company’s stock valued at $20,854,000 after acquiring an additional 147,440 shares during the period. Balyasny Asset Management LLC raised its stake in shares of Hubbell by 250.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 204,813 shares of the industrial products company’s stock valued at $23,179,000 after acquiring an additional 146,359 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in shares of Hubbell in the 2nd quarter valued at approximately $14,712,000. 85.10% of the stock is currently owned by institutional investors and hedge funds.
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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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