Zacks Investment Research Downgrades Hubbell (HUBB) to Hold

Zacks Investment Research cut shares of Hubbell (NYSE:HUBB) from a buy rating to a hold rating in a report published on Tuesday 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. “

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. reaffirmed a hold rating on shares of Hubbell in a report on Thursday, December 28th. Wells Fargo & Co reaffirmed a buy rating and set a $143.00 target price (up previously from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. BidaskClub lowered shares of Hubbell from a buy rating to a hold rating in a report on Tuesday, November 7th. Finally, Morgan Stanley reaffirmed an overweight rating and set a $132.00 target price (up previously from $130.00) on shares of Hubbell in a report on Monday, October 2nd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $134.00.

Shares of Hubbell (NYSE HUBB) opened at $135.93 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43. The stock has a market cap of $7,293.70, a P/E ratio of 26.19, a PEG ratio of 2.15 and a beta of 1.09. Hubbell has a 12-month low of $109.32 and a 12-month high of $138.96.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.15. The business 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%. Hubbell’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 EPS. sell-side analysts expect that Hubbell will post 5.45 EPS for the current year.

Hubbell declared that its board has approved a share buyback program on Friday, October 20th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Wednesday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $0.70. Hubbell’s dividend payout ratio is 59.34%.

In other Hubbell news, insider Gerben Bakker sold 590 shares of the business’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 value of $73,950.60. Following the completion of the transaction, the insider now owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.28% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in HUBB. Acrospire Investment Management LLC grew its stake in Hubbell by 103.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 985 shares of the industrial products company’s stock worth $111,000 after buying an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Hubbell in the 2nd quarter valued at $182,000. Advisors Asset Management Inc. boosted its stake in shares of Hubbell by 1,122.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 1,481 shares in the last quarter. Magnetar Financial LLC purchased a new stake in shares of Hubbell in the 3rd quarter valued at $221,000. Finally, YorkBridge Wealth Partners LLC purchased a new stake in shares of Hubbell in the 2nd quarter valued at $225,000. 85.10% of the stock is owned by institutional investors and hedge funds.

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About Hubbell

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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