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

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

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Company dropped their price target on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Sanford C. Bernstein initiated coverage on Hubbell in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $535.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and dropped their target price for the stock from $493.00 to $473.00 in a report on Tuesday, November 26th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Hubbell has an average rating of “Hold” and a consensus price target of $464.88.

Hubbell Trading Down 4.7 %

Hubbell stock opened at $354.21 on Monday. The stock has a market capitalization of $19.01 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.64 and a quick ratio of 0.98. The business’s fifty day moving average is $412.33 and its 200 day moving average is $424.12. Hubbell has a one year low of $346.13 and a one year high of $481.35.

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

Hubbell Dividend Announcement

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

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

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction on Thursday, February 20th. The stock was 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 of the company’s stock, valued at approximately $1,683,462.62. This trade represents a 21.20 % decrease in their position. The sale 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 Trading of Hubbell

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