Wells Fargo & Company Has Lowered Expectations for Hubbell (NYSE:HUBB) Stock Price

Hubbell (NYSE:HUBB) had its price objective reduced by Wells Fargo & Company from $455.00 to $450.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 4.57% from the company’s current price.

Several other equities research analysts have also recently weighed in on HUBB. Sanford C. Bernstein assumed coverage on Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective on the stock. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $385.00 to $454.00 in a report on Thursday, October 10th. StockNews.com cut Hubbell from a “buy” rating to a “hold” rating in a report on Tuesday, December 3rd. Mizuho increased their price objective on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and cut their target price for the company from $493.00 to $473.00 in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $471.50.

Hubbell Price Performance

HUBB stock traded down $10.20 during trading on Tuesday, reaching $430.35. The company’s stock had a trading volume of 53,989 shares, compared to its average volume of 239,955. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. Hubbell has a 1 year low of $317.32 and a 1 year high of $481.35. The company’s fifty day moving average is $445.05 and its 200-day moving average is $413.95. The company has a market capitalization of $23.10 billion, a P/E ratio of 31.01, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.02. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.95 earnings per share. On average, research analysts expect that Hubbell will post 16.47 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the sale, the insider now directly owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC increased its holdings in Hubbell by 0.9% in the second quarter. Commonwealth Equity Services LLC now owns 10,665 shares of the industrial products company’s stock valued at $3,898,000 after buying an additional 93 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Hubbell by 24.6% in the 2nd quarter. National Bank of Canada FI now owns 14,756 shares of the industrial products company’s stock valued at $5,299,000 after buying an additional 2,915 shares during the period. Private Advisor Group LLC lifted its position in shares of Hubbell by 89.0% during the second quarter. Private Advisor Group LLC now owns 4,688 shares of the industrial products company’s stock worth $1,713,000 after purchasing an additional 2,207 shares in the last quarter. Savant Capital LLC lifted its holdings in Hubbell by 2.6% during the 2nd quarter. Savant Capital LLC now owns 1,205 shares of the industrial products company’s stock worth $440,000 after buying an additional 31 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Hubbell by 51.3% in the second quarter. Acadian Asset Management LLC now owns 3,693 shares of the industrial products company’s stock valued at $1,347,000 after purchasing an additional 1,252 shares during the period. 88.16% of the stock is currently owned by institutional investors and hedge funds.

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.