Hubbell (NYSE:HUBB) Price Target Raised to $414.00 at Barclays

Hubbell (NYSE:HUBB) had its price target raised by Barclays from $400.00 to $414.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the industrial products company’s stock.

HUBB has been the topic of several other reports. Wall Street Zen downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, April 11th. JPMorgan Chase & Co. raised their price target on shares of Hubbell from $352.00 to $417.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $459.25.

Hubbell Trading Down 0.7%

Shares of HUBB stock opened at $392.70 on Monday. Hubbell has a fifty-two week low of $299.43 and a fifty-two week high of $481.35. The stock’s fifty day moving average price is $363.39 and its two-hundred day moving average price is $390.13. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. The company has a market cap of $20.96 billion, a PE ratio of 27.35, a P/E/G ratio of 1.34 and a beta of 0.99.

Hubbell (NYSE:HUBB) last issued its earnings results on Thursday, May 1st. The industrial products company reported $3.50 EPS for the quarter, missing the consensus estimate of $3.73 by ($0.23). The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.60 EPS. Equities analysts predict that Hubbell will post 17.63 EPS for the current fiscal year.

Hubbell declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Friday, May 30th. Hubbell’s payout ratio is 35.72%.

Insider Transactions at Hubbell

In related news, Director Carlos M. Cardoso sold 400 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $386.29, for a total transaction of $154,516.00. Following the completion of the sale, the director now directly owns 1,727 shares of the company’s stock, valued at approximately $667,122.83. This trade represents a 18.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $31,578,507.63. The trade was a 8.60% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

Several institutional investors and hedge funds have recently bought and sold shares of HUBB. Nuveen LLC purchased a new stake in Hubbell in the 1st quarter worth about $213,283,000. Adage Capital Partners GP L.L.C. raised its position in shares of Hubbell by 181.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 975,196 shares of the industrial products company’s stock valued at $322,702,000 after purchasing an additional 628,886 shares during the period. Norges Bank purchased a new stake in shares of Hubbell during the 4th quarter valued at approximately $195,218,000. Deutsche Bank AG boosted its holdings in Hubbell by 35.1% in the 1st quarter. Deutsche Bank AG now owns 1,104,085 shares of the industrial products company’s stock worth $365,353,000 after buying an additional 287,047 shares during the period. Finally, Marshall Wace LLP grew its stake in Hubbell by 418.1% in the 4th quarter. Marshall Wace LLP now owns 307,050 shares of the industrial products company’s stock valued at $128,620,000 after buying an additional 247,786 shares in the last quarter. 88.16% of the stock is owned by institutional investors.

About Hubbell

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.