Wells Fargo & Company Boosts Hubbell (NYSE:HUBB) Price Target to $455.00

Hubbell (NYSE:HUBB) had its price target increased by investment analysts at Wells Fargo & Company from $445.00 to $455.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 3.18% from the company’s previous close.

A number of other research analysts have also weighed in on HUBB. Stephens reaffirmed an “overweight” rating and set a $450.00 price objective on shares of Hubbell in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and lifted their price target for the company from $431.00 to $441.00 in a research report on Friday, September 6th. 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 report on Thursday, October 10th. Morgan Stanley initiated coverage on Hubbell in a report on Friday, September 6th. They set an “equal weight” rating and a $407.00 price objective for the company. Finally, Mizuho upped their target price on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Hubbell presently has a consensus rating of “Moderate Buy” and an average target price of $429.38.

Hubbell Stock Performance

Shares of NYSE HUBB traded up $0.86 during mid-day trading on Wednesday, hitting $440.98. 95,814 shares of the company were exchanged, compared to its average volume of 440,681. The firm has a market cap of $23.67 billion, a price-to-earnings ratio of 32.83, a price-to-earnings-growth ratio of 1.66 and a beta of 0.90. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. Hubbell has a 1-year low of $248.37 and a 1-year high of $461.77. The stock has a 50 day simple moving average of $418.82 and a 200-day simple moving average of $395.15.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business posted $3.95 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that Hubbell will post 16.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the transaction, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Hubbell news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now owns 1,670 shares in the company, valued at $608,781.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

Large investors have recently modified their holdings of the company. Nvwm LLC acquired a new stake in Hubbell during the 1st quarter worth approximately $25,000. Quarry LP acquired a new stake in shares of Hubbell in the second quarter worth $49,000. Northwest Investment Counselors LLC purchased a new position in shares of Hubbell in the 3rd quarter valued at $58,000. GAMMA Investing LLC lifted its holdings in shares of Hubbell by 84.7% during the 3rd quarter. GAMMA Investing LLC now owns 157 shares of the industrial products company’s stock valued at $67,000 after acquiring an additional 72 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Hubbell during the 2nd quarter worth $62,000. 88.16% of the stock is currently owned by hedge funds and other 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.