Zacks Investment Research Downgrades Hubbell (NYSE:HUBB) to Hold

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Hubbell (NYSE:HUBB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Zacks.com reports.

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. “

Several other research analysts also recently issued reports on the stock. JMP Securities set a $146.00 target price on shares of Hubbell and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Stephens began coverage on shares of Itron in a research report on Monday, July 8th. They set an “equal weight” rating and a $64.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $139.67.

HUBB traded down $0.48 during midday trading on Friday, reaching $124.80. The company’s stock had a trading volume of 42,892 shares, compared to its average volume of 246,719. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.49. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.95 and a quick ratio of 1.16. Hubbell has a 1 year low of $91.88 and a 1 year high of $137.67. The company’s 50-day simple moving average is $124.91.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.02. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.10 billion. Hubbell had a net margin of 8.17% and a return on equity of 23.09%. The business’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 earnings per share. Sell-side analysts anticipate that Hubbell will post 8.1 earnings per share for the current year.

In other news, insider Kevin Arthur Poyck sold 247 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $122.00, for a total value of $30,134.00. Following the completion of the sale, the insider now directly owns 15,572 shares of the company’s stock, valued at $1,899,784. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Stephen M. Mais sold 2,243 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $129.69, for a total transaction of $290,894.67. Following the completion of the sale, the vice president now directly owns 17,983 shares of the company’s stock, valued at $2,332,215.27. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,177 shares of company stock valued at $2,477,468. Corporate insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC grew its stake in Hubbell by 122.7% during the fourth quarter. LPL Financial LLC now owns 5,063 shares of the industrial products company’s stock valued at $503,000 after acquiring an additional 2,790 shares in the last quarter. Calamos Advisors LLC purchased a new position in Hubbell during the first quarter valued at $601,000. Gotham Asset Management LLC purchased a new position in Hubbell during the fourth quarter valued at $13,572,000. Two Sigma Securities LLC purchased a new position in Hubbell during the fourth quarter valued at $463,000. Finally, Norges Bank purchased a new position in Hubbell during the fourth quarter valued at $34,205,000. 85.59% of the stock is owned by hedge funds and other institutional investors.

About Hubbell

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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