Wells Fargo & Company Lowers Hubbell (NYSE:HUBB) Price Target to $450.00

Hubbell (NYSE:HUBB) had its price target reduced by Wells Fargo & Company from $455.00 to $450.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the industrial products company’s stock.

HUBB has been the subject of a number of other reports. Mizuho lifted their target price on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Barclays lifted their price objective on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft downgraded shares of Hubbell from a “buy” rating to a “hold” rating and lowered their target price for the stock from $493.00 to $473.00 in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lowered Hubbell from an “overweight” rating to a “neutral” rating and raised their target price for the company from $385.00 to $454.00 in a report on Thursday, October 10th. Finally, Morgan Stanley upped their price target on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $471.50.

Hubbell Trading Down 1.4 %

NYSE HUBB opened at $434.34 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51. Hubbell has a 1-year low of $317.32 and a 1-year high of $481.35. The firm’s fifty day simple moving average is $445.05 and its 200-day simple moving average is $413.95. The company has a market capitalization of $23.31 billion, a PE ratio of 31.29, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.02. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the firm posted $3.95 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hubbell will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 1.22%. This is a boost from Hubbell’s previous quarterly dividend of $1.22. The ex-dividend date was Friday, November 29th. Hubbell’s dividend payout ratio is 38.04%.

Insider Activity

In other news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the sale, the insider now directly owns 2,957 shares of the company’s stock, valued at approximately $1,378,553.40. This represents a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hubbell

Several large investors have recently bought and sold shares of the stock. Mizuho Securities USA LLC grew its position in Hubbell by 192,421.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock worth $3,418,233,000 after purchasing an additional 7,975,855 shares during the last quarter. State Street Corp raised its position in shares of Hubbell by 1.1% during the third quarter. State Street Corp now owns 2,092,215 shares of the industrial products company’s stock valued at $896,200,000 after buying an additional 22,507 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Hubbell by 42,735.0% in the third quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company’s stock valued at $8,223,740,000 after buying an additional 1,915,383 shares during the period. Massachusetts Financial Services Co. MA grew its position in Hubbell by 6.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,417,476 shares of the industrial products company’s stock worth $607,176,000 after buying an additional 82,258 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Hubbell by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,254,905 shares of the industrial products company’s stock valued at $535,681,000 after acquiring an additional 8,278 shares during the period. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Hubbell Company Profile

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.