Hubbell (NYSE:HUBB) Given New $400.00 Price Target at Barclays

Hubbell (NYSE:HUBB) had its price objective reduced by equities researchers at Barclays from $422.00 to $400.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target suggests a potential upside of 16.95% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut Hubbell from a “buy” rating to a “hold” rating and lowered their price target for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. StockNews.com raised Hubbell from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, Wells Fargo & Company dropped their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $462.13.

Hubbell Price Performance

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

Hubbell (NYSE:HUBB) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.02 by $0.08. The company had revenue of $1.33 billion for 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%. Hubbell’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.69 EPS. Equities analysts expect that Hubbell will post 17.63 EPS for the current year.

Hubbell announced that its board has initiated a share buyback plan on Wednesday, February 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Hubbell

In related news, insider Alyssa R. Flynn sold 1,164 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total transaction of $452,865.84. Following the transaction, the insider now directly owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Hubbell

A number of institutional investors have recently bought and sold shares of HUBB. Cerity Partners LLC lifted its position in shares of Hubbell by 54.1% in the third quarter. Cerity Partners LLC now owns 9,326 shares of the industrial products company’s stock worth $3,995,000 after purchasing an additional 3,273 shares in the last quarter. Kingsview Wealth Management LLC increased its stake in Hubbell by 1.0% in the 3rd quarter. Kingsview Wealth Management LLC now owns 3,288 shares of the industrial products company’s stock valued at $1,408,000 after buying an additional 31 shares during the period. Swedbank AB lifted its position in Hubbell by 5.1% in the 3rd quarter. Swedbank AB now owns 43,308 shares of the industrial products company’s stock worth $18,551,000 after buying an additional 2,100 shares in the last quarter. DRW Securities LLC acquired a new stake in shares of Hubbell during the 3rd quarter valued at $206,000. Finally, Brooklyn Investment Group purchased a new position in shares of Hubbell during the 3rd quarter valued at $133,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

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.