Hubbell (NYSE:HUBB) Price Target Raised to $417.00

Hubbell (NYSE:HUBB) had its price target lifted by JPMorgan Chase & Co. from $352.00 to $417.00 in a research report sent to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company’s stock.

A number of other brokerages have also recently weighed in on HUBB. Barclays dropped their price target on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $457.50.

Hubbell Trading Up 1.4%

NYSE HUBB opened at $392.16 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. Hubbell has a one year low of $299.43 and a one year high of $481.35. The company has a 50-day simple moving average of $347.05 and a 200-day simple moving average of $396.80. The firm has a market capitalization of $20.93 billion, a PE ratio of 27.31, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing analysts’ consensus estimates of $3.73 by ($0.23). Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the business earned $3.60 EPS. The firm’s revenue was down 2.4% on a year-over-year basis. On average, equities analysts forecast that Hubbell will post 17.63 earnings per share for the current year.

Hubbell declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $5.28 annualized dividend and a dividend yield of 1.35%. Hubbell’s dividend payout ratio is 35.72%.

Insider Buying and Selling at Hubbell

In other news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $384.63, for a total transaction of $2,970,497.49. Following the transaction, the chief executive officer now owns 82,101 shares in the company, valued at $31,578,507.63. This represents a 8.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alyssa R. Flynn sold 1,164 shares of Hubbell 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 sale, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Institutional Trading of Hubbell

Several large investors have recently made changes to their positions in the stock. Creative Financial Designs Inc. ADV grew its holdings in Hubbell by 85.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 30 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Hubbell in the 4th quarter valued at $30,000. Tsfg LLC bought a new position in Hubbell in the 1st quarter worth $30,000. Johnson Financial Group Inc. raised its holdings in Hubbell by 166.7% in the 4th quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 65 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in Hubbell by 69.7% in the 4th quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 53 shares during the period. Institutional investors own 88.16% of the company’s stock.

Hubbell Company Profile

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.