Hubbell (NYSE:HUBB) Given New $422.00 Price Target at Barclays

Hubbell (NYSE:HUBB) had its price objective trimmed by Barclays from $475.00 to $422.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Several other research analysts also recently weighed in on HUBB. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and decreased their target price for the company from $493.00 to $473.00 in a research note on Tuesday, November 26th. Wells Fargo & Company cut their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Sanford C. Bernstein began coverage on shares of Hubbell in a report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target on the stock. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $464.88.

Hubbell Price Performance

Shares of HUBB stock opened at $354.38 on Monday. The company has a market capitalization of $19.02 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The firm has a fifty day simple moving average of $409.16 and a 200-day simple moving average of $423.47. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. Hubbell has a twelve month low of $340.38 and a twelve month high of $481.35.

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

Hubbell declared that its board has initiated a share buyback program on Wednesday, February 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a $1.32 dividend. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.49%. Hubbell’s payout ratio is currently 36.77%.

Insider Transactions at Hubbell

In other news, insider Alyssa R. Flynn sold 1,164 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value 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 trade represents a 21.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Salem Investment Counselors Inc. lifted its position in shares of Hubbell by 26.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock worth $3,830,000 after buying an additional 1,886 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Hubbell by 122.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock valued at $12,032,000 after purchasing an additional 15,806 shares during the last quarter. Principal Financial Group Inc. lifted its position in Hubbell by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock valued at $98,187,000 after purchasing an additional 15,215 shares during the last quarter. LGT Capital Partners LTD. bought a new stake in Hubbell in the 3rd quarter valued at about $39,687,000. Finally, Impax Asset Management Group plc lifted its position in Hubbell by 30.3% in the 3rd quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock valued at $514,377,000 after purchasing an additional 279,654 shares during the last quarter. 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.