Hubbell (NYSE:HUBB) Rating Lowered to “Hold” at StockNews.com

Hubbell (NYSE:HUBB) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

HUBB has been the subject of several other research reports. Wells Fargo & Company decreased their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Barclays lowered their target price on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and dropped their price target for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Hubbell currently has a consensus rating of “Hold” and an average target price of $462.13.

Hubbell Stock Down 1.3 %

Shares of NYSE:HUBB opened at $342.04 on Wednesday. Hubbell has a 1 year low of $330.32 and a 1 year high of $481.35. The company has a market capitalization of $18.36 billion, a PE ratio of 23.82, a price-to-earnings-growth ratio of 1.34 and a beta of 0.94. The business has a fifty day moving average price of $382.09 and a two-hundred day moving average price of $418.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, beating 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 company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business earned $3.69 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Analysts forecast that Hubbell will post 17.63 earnings per share for the current year.

Hubbell declared that its board has authorized a share buyback plan on Wednesday, February 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total transaction of $452,865.84. Following the completion of the transaction, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. The trade was a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Hubbell

Several large investors have recently added to or reduced their stakes in HUBB. Salem Investment Counselors Inc. raised its holdings in shares of Hubbell by 26.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after acquiring an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock worth $12,032,000 after purchasing an additional 15,806 shares during the last quarter. Principal Financial Group Inc. raised its stake in Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after purchasing an additional 15,215 shares in the last quarter. Nordea Investment Management AB lifted its position in Hubbell by 29.6% during the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock valued at $67,503,000 after purchasing an additional 36,643 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda purchased a new position in Hubbell in the 3rd quarter worth approximately $9,985,000. Institutional investors own 88.16% of the company’s stock.

About Hubbell

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.