Hubbell (NYSE:HUBB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $149.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.62% from the company’s previous close.
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 equities research analysts have also recently commented on HUBB. BidaskClub raised shares of Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Morgan Stanley reaffirmed an “overweight” rating and issued a $132.00 target price (up from $130.00) on shares of Hubbell in a report on Monday, October 2nd. Wells Fargo & Co reaffirmed a “buy” rating and issued a $143.00 target price (up from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Hubbell in a report on Thursday, December 28th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $134.00.
Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The business had revenue of $950.50 million during the quarter, compared to analysts’ expectations of $960.28 million. During the same period in the prior year, the company earned $1.63 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. sell-side analysts anticipate that Hubbell will post 5.45 EPS for the current fiscal year.
Hubbell declared that its Board of Directors has initiated a share repurchase 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 an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Gerben Bakker sold 590 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the transaction, the insider now directly owns 13,249 shares in the company, valued at $1,660,629.66. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.28% of the company’s stock.
Several institutional investors have recently modified their holdings of HUBB. Schroder Investment Management Group increased its stake in shares of Hubbell by 2,991.4% during the second quarter. Schroder Investment Management Group now owns 537,900 shares of the industrial products company’s stock worth $60,400,000 after acquiring an additional 520,500 shares during the period. Koch Industries Inc. acquired a new position in shares of Hubbell during the second quarter worth about $364,000. Cramer Rosenthal Mcglynn LLC increased its stake in shares of Hubbell by 68.9% during the second quarter. Cramer Rosenthal Mcglynn LLC now owns 544,472 shares of the industrial products company’s stock worth $61,618,000 after acquiring an additional 222,178 shares during the period. Prudential Financial Inc. increased its stake in shares of Hubbell by 456.3% during the third quarter. Prudential Financial Inc. now owns 179,749 shares of the industrial products company’s stock worth $20,854,000 after acquiring an additional 147,440 shares during the period. Finally, Balyasny Asset Management LLC increased its stake in shares of Hubbell by 250.4% during the second quarter. Balyasny Asset Management LLC now owns 204,813 shares of the industrial products company’s stock worth $23,179,000 after acquiring an additional 146,359 shares during the period. Institutional investors and hedge funds own 85.10% of the company’s stock.
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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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