Zacks Investment Research Lowers Hubbell (HUBB) to Hold

Zacks Investment Research lowered shares of Hubbell (NYSE:HUBB) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday 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. “

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HUBB has been the subject of a number of other research reports. Wolfe Research raised shares of Hubbell from a market perform rating to a buy rating and set a $160.00 target price for the company in a research note on Friday, February 9th. Morgan Stanley cut their price target on shares of Hubbell from $153.00 to $145.00 and set an overweight rating on the stock in a report on Monday, March 12th. JPMorgan Chase reiterated a hold rating on shares of Hubbell in a report on Thursday, December 28th. Oppenheimer upgraded shares of Hubbell from a market perform rating to an outperform rating and set a $160.00 price target on the stock in a report on Friday, January 12th. Finally, Wells Fargo reiterated a buy rating and set a $143.00 price target (up previously from $136.00) on shares of Hubbell in a report on Wednesday, December 20th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Hubbell presently has an average rating of Buy and an average target price of $152.00.

Shares of NYSE HUBB opened at $117.39 on Wednesday. Hubbell has a fifty-two week low of $109.32 and a fifty-two week high of $149.03. The company has a market cap of $6,578.64, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 1.67 and a beta of 1.03. The company has a quick ratio of 1.37, a current ratio of 2.27 and a debt-to-equity ratio of 0.60.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, January 30th. The industrial products company reported $1.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.12. Hubbell had a net margin of 6.63% and a return on equity of 20.16%. The business had revenue of $917.70 million during the quarter, compared to the consensus estimate of $901.23 million. During the same quarter last year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. sell-side analysts anticipate that Hubbell will post 7.18 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 28th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Tuesday, February 27th. Hubbell’s payout ratio is 51.94%.

In related news, Chairman David G. Nord sold 12,076 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $133.76, for a total value of $1,615,285.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Stephen M. Mais sold 4,692 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $135.59, for a total transaction of $636,188.28. Following the completion of the sale, the vice president now owns 16,669 shares in the company, valued at approximately $2,260,149.71. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. boosted its holdings 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 worth $187,000 after purchasing an additional 1,481 shares during the last quarter. Granite Springs Asset Management LLC purchased a new stake in Hubbell in the fourth quarter worth approximately $202,000. Rodgers Brothers Inc. purchased a new stake in Hubbell in the fourth quarter worth approximately $217,000. Magnetar Financial LLC purchased a new stake in Hubbell in the third quarter worth approximately $221,000. Finally, Oakwood Capital Management LLC CA purchased a new stake in Hubbell in the fourth quarter worth approximately $225,000. Institutional investors own 85.47% of the company’s stock.

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Hubbell Company Profile

Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.

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