Hubbell (NYSE:HUBB) Price Target Raised to $475.00

Hubbell (NYSE:HUBB) had its price target raised by Barclays from $402.00 to $475.00 in a report released on Thursday,Benzinga reports. Barclays currently has an equal weight rating on the industrial products company’s stock.

A number of other analysts have also recently commented on HUBB. Mizuho upped their price target on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their price target on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein initiated coverage on Hubbell in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price target for the company. JPMorgan Chase & Co. cut Hubbell from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Finally, StockNews.com cut Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Hubbell currently has a consensus rating of “Hold” and a consensus price target of $457.22.

Hubbell Price Performance

Shares of Hubbell stock opened at $461.97 on Thursday. The stock has a market capitalization of $24.79 billion, a P/E ratio of 33.28, a price-to-earnings-growth ratio of 1.75 and a beta of 0.91. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05. Hubbell has a one year low of $303.06 and a one year high of $481.35. The business’s 50 day simple moving average is $449.29 and its two-hundred day simple moving average is $406.54.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. The company had revenue of $1.44 billion during 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%. Hubbell’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.95 earnings per share. Analysts forecast that Hubbell will post 16.47 EPS for the current year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a yield of 1.14%. Hubbell’s dividend payout ratio is presently 38.04%.

Insider Activity at Hubbell

In related news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the completion of the transaction, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hubbell

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mizuho Securities USA LLC raised its position in Hubbell by 192,421.1% during the third quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after purchasing an additional 7,975,855 shares during the period. State Street Corp raised its position in Hubbell by 1.1% during the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after purchasing an additional 22,507 shares during the period. Bank of New York Mellon Corp raised its position in Hubbell by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after purchasing an additional 291,850 shares during the period. International Assets Investment Management LLC raised its position in Hubbell by 42,735.0% during the third quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company’s stock valued at $8,223,740,000 after purchasing an additional 1,915,383 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in Hubbell by 6.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,417,476 shares of the industrial products company’s stock valued at $607,176,000 after purchasing an additional 82,258 shares during the period. 88.16% of the stock is 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.