Hubbell (HUBB) Rating Lowered to Hold at Zacks Investment Research

Hubbell (NYSE:HUBB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

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. “

Other equities research analysts also recently issued reports about the stock. BidaskClub raised shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Wells Fargo & Co reissued a “buy” rating and issued a $143.00 price objective (up from $136.00) on shares of Hubbell in a research report on Wednesday, December 20th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Hubbell in a research report on Thursday, December 28th. Oppenheimer raised shares of Hubbell from a “market perform” rating to an “outperform” rating and set a $160.00 price objective on the stock in a research report on Friday, January 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $132.00 price objective (up from $130.00) on shares of Hubbell in a research report on Monday, October 2nd. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $140.40.

Shares of Hubbell (NYSE:HUBB) traded up $1.03 on Thursday, reaching $139.21. 438,932 shares of the company traded hands, compared to its average volume of 291,601. Hubbell has a 1 year low of $109.32 and a 1 year high of $141.67. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.43 and a current ratio of 2.28. The stock has a market cap of $7,558.45, a P/E ratio of 26.82, a P/E/G ratio of 2.23 and a beta of 1.09.

Hubbell announced that its Board of Directors has approved a share 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

In other Hubbell news, insider Gerben Bakker sold 590 shares of the stock in a transaction that occurred 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 directly owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.28% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Hubbell by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after buying an additional 89,275 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Hubbell by 1.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,027,573 shares of the industrial products company’s stock valued at $234,915,000 after buying an additional 25,710 shares during the last quarter. American Century Companies Inc. grew its position in shares of Hubbell by 3.8% in the 3rd quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock valued at $205,429,000 after buying an additional 64,779 shares during the last quarter. State Street Corp grew its position in shares of Hubbell by 2.7% in the 2nd quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock valued at $162,771,000 after buying an additional 37,792 shares during the last quarter. Finally, Royce & Associates LP grew its position in shares of Hubbell by 0.8% in the 3rd quarter. Royce & Associates LP now owns 996,135 shares of the industrial products company’s stock valued at $115,572,000 after buying an additional 8,113 shares during the last quarter. 85.10% of the stock is currently owned by hedge funds and other institutional investors.

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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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