Hubbell Inc (HUBB) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Hubbell Inc (NYSE:HUBB) from a buy rating to a hold rating in a report published on Wednesday 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. “
A number of other brokerages have also recently issued reports on HUBB. JMP Securities began coverage on shares of Hubbell in a research report on Monday, June 19th. They set a market perform rating for the company. Morgan Stanley reiterated an overweight rating and set a $132.00 target price (up previously from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Wolfe Research began coverage on shares of Hubbell in a research report on Tuesday, July 11th. They set a market perform rating for the company. Finally, BidaskClub upgraded shares of Hubbell from a sell rating to a hold rating in a research report on Wednesday, September 27th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $124.00.
Hubbell (NYSE HUBB) opened at 117.15 on Wednesday. Hubbell has a 12-month low of $101.15 and a 12-month high of $125.93. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 22.23 and a beta of 1.04. The stock has a 50 day moving average of $113.36 and a 200 day moving average of $115.50.
Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.11. The business had revenue of $948.30 million during the quarter, compared to analysts’ expectations of $937.35 million. Hubbell had a net margin of 8.23% and a return on equity of 19.77%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $1.53 EPS. Equities research analysts anticipate that Hubbell will post $5.49 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Tuesday, August 29th. Hubbell’s dividend payout ratio (DPR) is currently 53.03%.
Several institutional investors have recently made changes to their positions in HUBB. Meeder Asset Management Inc. grew its holdings in Hubbell by 2,397.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 935 shares during the last quarter. Acrospire Investment Management LLC grew its holdings in Hubbell by 103.1% during the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after acquiring an additional 500 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Hubbell during the 2nd quarter worth about $182,000. Global X Management Co. LLC grew its holdings in Hubbell by 220.0% during the 2nd quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock worth $199,000 after acquiring an additional 1,210 shares during the last quarter. Finally, Oxford Asset Management bought a new stake in Hubbell during the 1st quarter worth about $215,000. Institutional investors and hedge funds own 85.15% of the company’s stock.
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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