Zacks Investment Research Downgrades Hubbell Inc (HUBB) to Hold
Hubbell Inc (NYSE:HUBB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 analysts have also recently issued reports on the company. BidaskClub raised Hubbell from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. JMP Securities initiated coverage on Hubbell in a research note on Monday, June 19th. They issued a “market perform” rating on the stock. Wolfe Research initiated coverage on Hubbell in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, Morgan Stanley reissued an “overweight” rating and issued a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $124.00.
Hubbell (NYSE HUBB) traded up 0.59% on Wednesday, hitting $118.23. The stock had a trading volume of 495,133 shares. The stock’s 50-day moving average is $113.11 and its 200 day moving average is $115.50. Hubbell has a 1-year low of $101.15 and a 1-year high of $125.93. The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 22.43 and a beta of 1.04.
Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, July 25th. The industrial products company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.11. Hubbell had a return on equity of 19.77% and a net margin of 8.23%. The firm had revenue of $948.30 million for the quarter, compared to analysts’ expectations of $937.35 million. During the same quarter in the prior year, the firm posted $1.53 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts predict that Hubbell will post $5.49 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. grew its stake in Hubbell by 2,397.4% in the second quarter. Meeder Asset Management Inc. now owns 974 shares of the industrial products company’s stock worth $110,000 after purchasing an additional 935 shares in the last quarter. Acrospire Investment Management LLC grew its stake in Hubbell by 103.1% in the second quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Hubbell in the second quarter worth approximately $182,000. Global X Management Co. LLC grew its stake in Hubbell by 220.0% in the second quarter. Global X Management Co. LLC now owns 1,760 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 1,210 shares in the last quarter. Finally, Oxford Asset Management bought a new position in Hubbell in the first quarter worth approximately $215,000. 85.15% of the stock is currently owned by institutional investors.
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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