Hubbell (NYSE:HUBB) Price Target Raised to $414.00

Hubbell (NYSE:HUBB) had its price target hoisted by Barclays from $400.00 to $414.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

HUBB has been the topic of several other reports. JPMorgan Chase & Co. boosted their target price on Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Wall Street Zen cut Hubbell from a “buy” rating to a “hold” rating in a report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $459.25.

Hubbell Trading Up 0.2%

HUBB stock opened at $388.79 on Monday. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. Hubbell has a 12-month low of $299.43 and a 12-month high of $481.35. The stock has a market cap of $20.75 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 1.34 and a beta of 0.99. The business’s 50-day moving average is $366.19 and its 200 day moving average is $390.11.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.73 by ($0.23). The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.60 earnings per share. On average, sell-side analysts anticipate that Hubbell will post 17.63 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, May 30th. Hubbell’s payout ratio is 35.72%.

Hubbell announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 7,723 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the sale, the chief executive officer now owns 82,101 shares of the company’s stock, valued at $31,578,507.63. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carlos M. Cardoso sold 400 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total value of $154,516.00. Following the sale, the director now directly owns 1,727 shares in the company, valued at $667,122.83. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Institutional Trading of Hubbell

A number of large investors have recently modified their holdings of HUBB. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Hubbell by 37.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,887 shares of the industrial products company’s stock worth $2,067,000 after purchasing an additional 1,325 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Hubbell by 1.2% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 118,058 shares of the industrial products company’s stock worth $49,453,000 after purchasing an additional 1,435 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Hubbell by 2.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,979 shares of the industrial products company’s stock worth $2,505,000 after purchasing an additional 154 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Hubbell during the fourth quarter worth $69,000. Finally, Entropy Technologies LP acquired a new position in shares of Hubbell during the fourth quarter worth $2,132,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Company Profile

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, 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.