Hubbell (NYSE:HUBB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $155.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.42% from the stock’s current price.
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 also recently weighed in on HUBB. JPMorgan Chase & Co. raised Hubbell from a “neutral” rating to an “overweight” rating in a report on Thursday, January 18th. Oppenheimer raised Hubbell from a “market perform” rating to an “outperform” rating and set a $160.00 target price for the company in a report on Friday, January 12th. BidaskClub raised Hubbell from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Morgan Stanley reissued 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. Finally, Wells Fargo & Co reissued 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. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $140.40.
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. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The company had revenue of $950.50 million during the quarter, compared to the consensus estimate of $960.28 million. During the same quarter last year, the firm earned $1.63 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. equities analysts predict that Hubbell will post 5.45 EPS for the current 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 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In related news, insider Gerben Bakker sold 590 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was 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 $1,660,629.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.28% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC acquired a new position in Hubbell in the second quarter valued at about $182,000. Advisors Asset Management Inc. raised its stake in Hubbell by 1,122.0% in the third 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 acquired a new position in Hubbell in the third quarter valued at about $221,000. YorkBridge Wealth Partners LLC acquired a new position in Hubbell in the second quarter valued at about $225,000. Finally, TLP Group LLC raised its stake in Hubbell by 109.2% in the second quarter. TLP Group LLC now owns 2,201 shares of the industrial products company’s stock valued at $249,000 after purchasing an additional 1,149 shares in the last quarter. 85.10% of the stock is owned by institutional investors and hedge funds.
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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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