Hubbell (NYSE:HUBB) Reaches New 52-Week Low Following Analyst Downgrade

Shares of Hubbell Incorporated (NYSE:HUBB) hit a new 52-week low on Tuesday after Barclays lowered their price target on the stock from $475.00 to $422.00. Barclays currently has an equal weight rating on the stock. Hubbell traded as low as $340.38 and last traded at $348.15, with a volume of 108378 shares trading hands. The stock had previously closed at $354.95.

Several other analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. Wells Fargo & Company dropped their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Sanford C. Bernstein started coverage on Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $464.88.

Insiders Place Their Bets

In related news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Financial Designs Inc. ADV boosted its position in shares of Hubbell by 85.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 30 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in Hubbell in the 4th quarter worth about $30,000. Prospera Private Wealth LLC purchased a new stake in shares of Hubbell in the third quarter valued at approximately $33,000. Versant Capital Management Inc lifted its stake in Hubbell by 64.6% in the fourth quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 31 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Hubbell in the 3rd quarter worth approximately $41,000. Institutional investors own 88.16% of the company’s stock.

Hubbell Price Performance

The firm has a 50-day simple moving average of $409.16 and a 200-day simple moving average of $423.47. The firm has a market cap of $19.02 billion, a P/E ratio of 24.68, a PEG ratio of 1.34 and a beta of 0.95. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.08. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company earned $3.69 earnings per share. The business’s revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts forecast that Hubbell Incorporated will post 17.63 EPS for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a dividend of $1.32 per share. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.49%. Hubbell’s payout ratio is 36.77%.

Hubbell declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hubbell Company Profile

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies.