JPMorgan Chase & Co. Lowers Hubbell (NYSE:HUBB) to Neutral

JPMorgan Chase & Co. lowered shares of Hubbell (NYSE:HUBB) from an overweight rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat.com reports. They currently have $454.00 price objective on the industrial products company’s stock, up from their prior price objective of $385.00.

Other research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft upgraded Hubbell from a hold rating to a buy rating and increased their price target for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Stephens reissued an overweight rating and issued a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Morgan Stanley began coverage on shares of Hubbell in a report on Friday, September 6th. They set an equal weight rating and a $407.00 price objective on the stock. Barclays lifted their price objective on shares of Hubbell from $368.00 to $400.00 and gave the company an equal weight rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their target price on shares of Hubbell from $400.00 to $445.00 and gave the stock an equal weight rating in a report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Hubbell has a consensus rating of Moderate Buy and an average target price of $423.13.

Hubbell Stock Performance

Shares of HUBB stock opened at $456.57 on Thursday. The firm has a 50 day moving average of $399.82 and a 200-day moving average of $392.08. The company has a market cap of $24.51 billion, a price-to-earnings ratio of 34.05, a price-to-earnings-growth ratio of 1.67 and a beta of 0.90. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. Hubbell has a 52 week low of $248.37 and a 52 week high of $457.00.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $4.07 earnings per share. The business’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities analysts forecast that Hubbell will post 16.41 earnings per share for the current year.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $1.22 dividend. The ex-dividend date was Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.07%. Hubbell’s payout ratio is presently 36.39%.

Insider Activity

In other news, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Gerben Bakker sold 15,677 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the transaction, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the transaction, the director now owns 1,670 shares in the company, valued at approximately $608,781.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hubbell

Several large investors have recently added to or reduced their stakes in the company. Creative Planning increased its stake in shares of Hubbell by 19.3% in the third quarter. Creative Planning now owns 4,144 shares of the industrial products company’s stock worth $1,775,000 after purchasing an additional 671 shares in the last quarter. Factory Mutual Insurance Co. bought a new position in Hubbell in the 3rd quarter worth approximately $17,134,000. Birch Hill Investment Advisors LLC purchased a new position in Hubbell in the 3rd quarter valued at approximately $221,000. Exchange Traded Concepts LLC raised its holdings in Hubbell by 66.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 6,891 shares of the industrial products company’s stock valued at $2,952,000 after acquiring an additional 2,757 shares during the period. Finally, Evexia Wealth LLC lifted its position in shares of Hubbell by 1.1% during the third quarter. Evexia Wealth LLC now owns 29,565 shares of the industrial products company’s stock worth $12,962,000 after acquiring an additional 331 shares in the last quarter. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Company Profile

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.