Hubbell Inc (HUBB) Cut to “Hold” at BidaskClub
Hubbell Inc (NYSE:HUBB) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
Other equities research analysts have also recently issued research reports about the company. Morgan Stanley reaffirmed an “overweight” rating and set a $132.00 target price (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Zacks Investment Research raised Hubbell from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Wolfe Research assumed coverage on Hubbell in a research note on Tuesday, July 11th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Hubbell presently has a consensus rating of “Hold” and a consensus price target of $124.00.
Shares of Hubbell (NYSE:HUBB) traded down $0.93 on Tuesday, hitting $124.61. The stock had a trading volume of 169,522 shares, compared to its average volume of 357,895. Hubbell has a 52 week low of $104.72 and a 52 week high of $127.34. The company has a quick ratio of 1.43, a current ratio of 2.28 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $6,820.00 and a P/E ratio of 21.80.
Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.50 by $0.15. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The business had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $960.28 million. During the same quarter last year, the firm posted $1.63 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. research analysts predict that Hubbell will post 5.44 EPS for the current fiscal year.
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 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other Hubbell news, insider Gerben Bakker sold 590 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the sale, the insider now owns 13,249 shares of the company’s stock, valued at $1,660,629.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.28% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. lifted its holdings in Hubbell by 6.0% during the third quarter. Ameriprise Financial Inc. now owns 211,211 shares of the industrial products company’s stock worth $24,506,000 after acquiring an additional 12,019 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Hubbell by 1,122.0% in the third quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after buying an additional 1,481 shares during the period. Quantbot Technologies LP raised its stake in shares of Hubbell by 33.3% in the third quarter. Quantbot Technologies LP now owns 6,699 shares of the industrial products company’s stock valued at $777,000 after buying an additional 1,675 shares during the period. Comerica Bank grew its position in shares of Hubbell by 6.4% in the third quarter. Comerica Bank now owns 43,116 shares of the industrial products company’s stock valued at $5,395,000 after purchasing an additional 2,604 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Hubbell by 9.5% in the third quarter. Rhumbline Advisers now owns 127,491 shares of the industrial products company’s stock valued at $14,792,000 after purchasing an additional 11,074 shares in the last quarter. 85.17% of the stock is currently owned by institutional investors.
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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