Hubbell (NYSE:HUBB) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Hubbell (NYSE:HUBB) from a hold rating to a buy rating in a research report released on Thursday.

Several other equities analysts have also weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Barclays lowered their target price 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. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $462.13.

Hubbell Trading Down 1.8 %

Shares of NYSE:HUBB opened at $315.69 on Thursday. The firm has a market cap of $16.94 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 1.34 and a beta of 0.95. Hubbell has a 12 month low of $299.43 and a 12 month high of $481.35. The company’s fifty day simple moving average is $367.74 and its 200 day simple moving average is $416.07. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

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

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given 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 1.67%. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell announced that its Board of Directors has authorized a stock buyback 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 purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the 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 transaction, the insider now directly owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Hubbell

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Hubbell in the 4th quarter valued at approximately $195,218,000. Marshall Wace LLP lifted its position in Hubbell by 418.1% during the fourth 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 during the period. Bain Capital Public Equity Management II LLC bought a new stake in shares of Hubbell during the 4th quarter valued at $95,868,000. PointState Capital LP purchased a new stake in shares of Hubbell in the 4th quarter worth about $78,443,000. Finally, Raymond James Financial Inc. bought a new position in shares of Hubbell in the 4th quarter worth about $63,647,000. 88.16% of the stock is currently 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.