Hubbell (HUBB) Lifted to “Outperform” at Oppenheimer
Hubbell (NYSE:HUBB) was upgraded by stock analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Friday.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Hubbell from a “hold” rating to a “buy” rating and set a $149.00 price target on the stock in a report on Thursday, January 4th. JPMorgan Chase & Co. restated a “hold” rating on shares of Hubbell in a research note on Thursday, December 28th. Wells Fargo & Co restated a “buy” rating and issued a $143.00 target price (up previously from $136.00) on shares of Hubbell in a research note on Wednesday, December 20th. BidaskClub downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Finally, Morgan Stanley restated an “overweight” rating and issued a $132.00 target price (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Hubbell presently has an average rating of “Hold” and a consensus price target of $134.00.
Shares of Hubbell (HUBB) traded up $3.05 during trading on Friday, reaching $138.34. 370,888 shares of the company’s stock traded hands, compared to its average volume of 308,650. The company has a market cap of $7,400.36, a price-to-earnings ratio of 26.66, a PEG ratio of 2.18 and a beta of 1.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43. Hubbell has a 12-month low of $109.32 and a 12-month high of $141.67.
Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.15. The firm 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%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 EPS. sell-side analysts forecast that Hubbell will post 5.45 EPS for the current year.
Hubbell announced that its Board of Directors has approved a stock buyback plan on Friday, October 20th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock 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 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 owns 13,249 shares in the company, valued at approximately $1,660,629.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.28% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of HUBB. Acrospire Investment Management LLC lifted its position 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 buying an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Hubbell during the 2nd quarter worth about $182,000. Advisors Asset Management Inc. lifted its position in Hubbell by 1,122.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock worth $187,000 after buying an additional 1,481 shares in the last quarter. Magnetar Financial LLC acquired a new position in Hubbell during the 3rd quarter worth about $221,000. Finally, YorkBridge Wealth Partners LLC acquired a new position in Hubbell during the 2nd quarter worth about $225,000. Institutional investors own 85.10% of the company’s stock.
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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