StockNews.com Downgrades Hubbell (NYSE:HUBB) to Hold

Hubbell (NYSE:HUBB) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

Several other brokerages have also recently commented on HUBB. Barclays reduced their target price on Hubbell from $422.00 to $400.00 and set an “equal weight” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a “buy” rating to a “hold” rating and reduced their price objective for the company from $493.00 to $473.00 in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their target price on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $462.13.

Hubbell Stock Down 1.3 %

NYSE:HUBB opened at $342.04 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. Hubbell has a one year low of $330.32 and a one year high of $481.35. The firm’s 50 day simple moving average is $382.09 and its 200 day simple moving average is $418.74. The company has a market cap of $18.36 billion, a PE ratio of 23.82, a P/E/G ratio of 1.34 and a beta of 0.94.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $4.02 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. Hubbell’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.69 earnings per share. On average, research analysts anticipate that Hubbell will post 17.63 earnings per share for the current year.

Hubbell announced that its board has approved a stock buyback plan on Wednesday, February 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the industrial products company to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company’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 sale, the insider now owns 4,327 shares in the company, valued at $1,683,462.62. This represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.66% of the stock is owned by company insiders.

Institutional Trading of Hubbell

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. boosted its position in shares of Hubbell by 26.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock valued at $3,830,000 after buying an additional 1,886 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Hubbell by 122.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock worth $12,032,000 after acquiring an additional 15,806 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Hubbell by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock worth $98,187,000 after acquiring an additional 15,215 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Hubbell by 29.6% in the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock valued at $67,503,000 after purchasing an additional 36,643 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda bought a new position in shares of Hubbell during the third quarter valued at about $9,985,000. 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.