Hubbell (NYSE:HUBB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $149.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.94% from the stock’s current price.
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. “
Other research analysts have also recently issued research reports about the stock. Morgan Stanley restated an “overweight” rating and set a $132.00 price target (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. BidaskClub upgraded shares of Hubbell from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Wells Fargo & Co reiterated a “buy” rating and issued a $143.00 target price (up previously from $136.00) on shares of Hubbell in a research note on Wednesday, December 20th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Hubbell in a research note on Thursday, December 28th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $134.00.
Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 24th. The industrial products company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.15. Hubbell had a return on equity of 19.69% and a net margin of 7.96%. The business had revenue of $950.50 million for the quarter, compared to the consensus estimate of $960.28 million. During the same period last year, the business earned $1.63 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. analysts anticipate that Hubbell will post 5.45 EPS for the current year.
Hubbell announced that its Board of Directors has authorized a share repurchase plan on Friday, October 20th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Hubbell news, insider Gerben Bakker sold 590 shares of Hubbell stock in a transaction on Monday, October 30th. The shares were sold at an average price of $125.34, for a total transaction of $73,950.60. Following the completion of the sale, the insider now owns 13,249 shares of the company’s stock, valued at approximately $1,660,629.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of HUBB. Schwab Charles Investment Management Inc. lifted its position in Hubbell by 4.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 172,811 shares of the industrial products company’s stock worth $19,558,000 after buying an additional 7,476 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Hubbell by 8.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,071 shares of the industrial products company’s stock worth $234,000 after buying an additional 163 shares in the last quarter. Swiss National Bank lifted its position in Hubbell by 1.3% during the 2nd quarter. Swiss National Bank now owns 87,800 shares of the industrial products company’s stock worth $9,936,000 after buying an additional 1,100 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in Hubbell by 1.0% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 8,979 shares of the industrial products company’s stock worth $947,000 after buying an additional 93 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in Hubbell during the 2nd quarter worth about $724,000. 85.10% of the stock is currently owned by institutional investors and hedge funds.
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Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.
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