Hubbell (NYSE:HUBB) declared that its board has authorized a share buyback plan, which authorizes the company to repurchase $400.00 million in outstanding shares on Friday, October 20th, EventVestor reports. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Shares of Hubbell (NYSE:HUBB) traded down 0.90% during mid-day trading on Monday, reaching $121.96. The company had a trading volume of 95,983 shares. The company has a 50 day moving average price of $115.52 and a 200 day moving average price of $115.48. Hubbell has a one year low of $101.61 and a one year high of $125.93. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of 23.14 and a beta of 1.04.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.11. The firm had revenue of $948.30 million during the quarter, compared to analyst estimates of $937.35 million. Hubbell had a return on equity of 19.77% and a net margin of 8.23%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.53 earnings per share. On average, analysts anticipate that Hubbell will post $5.48 EPS for the current year.

HUBB has been the topic of a number of recent research reports. Wolfe Research initiated coverage on Hubbell in a report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Zacks Investment Research upgraded Hubbell from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a report on Wednesday, September 27th. Morgan Stanley restated an “overweight” rating and issued a $132.00 target price (up previously from $130.00) on shares of Hubbell in a report on Monday, October 2nd. Finally, BidaskClub upgraded Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Hubbell currently has a consensus rating of “Hold” and a consensus target price of $124.00.

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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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