Hubbell (NYSE:HUBB) Reaches New 1-Year High Following Analyst Upgrade

Posted by Defense World Staff on Apr 28th, 2023

Hubbell Incorporated (NYSE:HUBB – Get Rating)’s stock price hit a new 52-week high during trading on Thursday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $266.42 and last traded at $265.15, with a volume of 88264 shares changing hands. The stock had previously closed at $260.02.

Other research analysts also recently issued research reports about the stock. Mizuho increased their price target on shares of Hubbell from $252.00 to $300.00 in a report on Wednesday. Wells Fargo & Company reduced their price objective on shares of Hubbell from $225.00 to $221.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. JPMorgan Chase & Co. raised shares of Hubbell from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $200.00 to $205.00 in a research report on Wednesday, February 1st. UBS Group lowered shares of Hubbell from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $254.00 to $225.00 in a research report on Wednesday, January 4th. Finally, Morgan Stanley increased their price objective on shares of Hubbell from $226.00 to $238.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Hubbell has an average rating of “Hold” and a consensus price target of $237.33.

Insider Transactions at Hubbell

In other news, CEO Gerben Bakker sold 9,350 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $240.80, for a total transaction of $2,251,480.00. Following the transaction, the chief executive officer now directly owns 37,801 shares of the company’s stock, valued at $9,102,480.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

A number of institutional investors have recently modified their holdings of HUBB. CWM LLC increased its holdings in Hubbell by 67.1% during the third quarter. CWM LLC now owns 264 shares of the industrial products company’s stock valued at $59,000 after buying an additional 106 shares during the period. Dimensional Fund Advisors LP increased its holdings in Hubbell by 1.4% during the third quarter. Dimensional Fund Advisors LP now owns 540,352 shares of the industrial products company’s stock valued at $120,494,000 after buying an additional 7,256 shares during the period. Robeco Institutional Asset Management B.V. purchased a new position in Hubbell during the third quarter valued at approximately $261,000. US Bancorp DE increased its holdings in Hubbell by 1.9% during the third quarter. US Bancorp DE now owns 22,152 shares of the industrial products company’s stock valued at $4,940,000 after buying an additional 409 shares during the period. Finally, Gilman Hill Asset Management LLC purchased a new position in Hubbell during the third quarter valued at approximately $223,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Hubbell Trading Up 2.7 %

The company has a market capitalization of $14.31 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.96 and a beta of 1.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.99 and a quick ratio of 1.18. The company’s fifty day moving average is $240.36 and its 200-day moving average is $239.19.

Hubbell (NYSE:HUBB – Get Rating) last announced its earnings results on Tuesday, April 25th. The industrial products company reported $3.61 earnings per share for the quarter, beating the consensus estimate of $2.46 by $1.15. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.25 billion. Hubbell had a net margin of 11.15% and a return on equity of 27.72%. Hubbell’s revenue was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $2.12 earnings per share. On average, analysts anticipate that Hubbell Incorporated will post 13.25 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be paid a $1.12 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $4.48 annualized dividend and a yield of 1.68%. Hubbell’s dividend payout ratio (DPR) is 43.04%.

Hubbell Company Profile

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Hubbell, Inc engages in the designing, manufacturing, and sale of electrical and electronic products for non-residential and residential construction, industrial, and utility applications. It operates through the Electrical Solutions and Utility Solutions segments. The Electrical Solutions segment manufactures and sells wiring and electrical, lighting fixtures, and controls for indoor and outdoor applications as well as specialty lighting and communications products.