Zacks Investment Research Lowers Hubbell (HUBB) to Hold
Zacks Investment Research lowered shares of Hubbell (NYSE:HUBB) from a buy rating to a hold rating in a research note released on Friday morning.
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. “
HUBB has been the topic of a number of other reports. Morgan Stanley reiterated an overweight rating and set a $132.00 price target (up from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. BidaskClub upgraded shares of Hubbell from a sell rating to a hold rating in a research note on Wednesday, September 27th. JPMorgan Chase & Co. restated a hold rating on shares of Hubbell in a research note on Thursday, December 28th. Oppenheimer upgraded shares of Hubbell from a market perform rating to an outperform rating and set a $160.00 target price on the stock in a research note on Friday. Finally, Wells Fargo & Co restated a buy rating and set a $143.00 target price (up from $136.00) on shares of Hubbell in a research note on Wednesday, December 20th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $139.20.
Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.15. The company 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. equities analysts forecast that Hubbell will post 5.45 earnings per share for the current fiscal year.
Hubbell announced that its board has authorized a share buyback program on Friday, October 20th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, insider Gerben Bakker sold 590 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the sale, the insider now directly owns 13,249 shares in the company, valued at $1,660,629.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.28% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Hubbell by 2.0% in the second quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after purchasing an additional 89,275 shares in the last quarter. BlackRock Inc. boosted its holdings in Hubbell by 1.4% in the second quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock valued at $484,595,000 after purchasing an additional 57,699 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Hubbell by 1.3% in the third quarter. JPMorgan Chase & Co. now owns 2,027,573 shares of the industrial products company’s stock valued at $234,915,000 after purchasing an additional 25,710 shares in the last quarter. American Century Companies Inc. boosted its holdings in Hubbell by 3.8% in the third quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock valued at $205,429,000 after purchasing an additional 64,779 shares in the last quarter. Finally, State Street Corp boosted its holdings in Hubbell by 2.7% in the second quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock valued at $162,771,000 after purchasing an additional 37,792 shares in the last quarter. 85.16% of the stock is owned by hedge funds and other institutional investors.
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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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