JPMorgan Chase & Co. Has Lowered Expectations for Hubbell (NYSE:HUBB) Stock Price

Hubbell (NYSE:HUBB) had its target price reduced by JPMorgan Chase & Co. from $430.00 to $352.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Several other research firms have also commented on HUBB. StockNews.com upgraded shares of Hubbell from a “hold” rating to a “buy” rating in a report on Thursday, April 3rd. Barclays reduced their price objective on shares of Hubbell from $422.00 to $400.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company dropped their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $449.38.

Hubbell Trading Up 0.2 %

HUBB opened at $317.48 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44. The stock’s fifty day moving average is $361.86 and its two-hundred day moving average is $413.91. The company has a market capitalization of $17.04 billion, a P/E ratio of 22.11, a PEG ratio of 1.34 and a beta of 0.95. Hubbell has a 52 week low of $299.43 and a 52 week high of $481.35.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The business’s revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.69 EPS. Analysts forecast that Hubbell will post 17.63 earnings per share for the current year.

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

Hubbell Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $5.28 annualized dividend and a dividend yield of 1.66%. Hubbell’s dividend payout ratio is presently 36.77%.

Insider Activity at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the sale, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Hubbell

A number of institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its holdings in shares of Hubbell by 7.4% in the first quarter. Rhumbline Advisers now owns 103,838 shares of the industrial products company’s stock worth $34,361,000 after buying an additional 7,125 shares during the last quarter. LVM Capital Management Ltd. MI grew its holdings in shares of Hubbell by 7.2% during the first quarter. LVM Capital Management Ltd. MI now owns 29,495 shares of the industrial products company’s stock valued at $9,760,000 after buying an additional 1,989 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Hubbell by 52,429.8% in the 1st quarter. GAMMA Investing LLC now owns 192,259 shares of the industrial products company’s stock valued at $636,200,000 after acquiring an additional 191,893 shares during the period. Versant Capital Management Inc raised its stake in Hubbell by 597.5% in the 1st quarter. Versant Capital Management Inc now owns 551 shares of the industrial products company’s stock worth $182,000 after acquiring an additional 472 shares during the last quarter. Finally, Boston Common Asset Management LLC acquired a new stake in Hubbell during the 1st quarter worth about $3,264,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

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.