Hubbell (HUBB) Upgraded by JPMorgan Chase & Co. to “Overweight”

JPMorgan Chase & Co. upgraded shares of Hubbell (NYSE:HUBB) from a neutral rating to an overweight rating in a report released on Thursday.

HUBB has been the topic of a number of other reports. Zacks Investment Research lowered shares of Hubbell from a buy rating to a hold rating in a report on Friday, January 12th. Morgan Stanley restated an overweight rating and set a $132.00 price objective (up from $130.00) on shares of Hubbell in a report on Monday, October 2nd. BidaskClub upgraded shares of Hubbell from a sell rating to a hold rating in a report on Wednesday, September 27th. Oppenheimer raised shares of Hubbell from a market perform rating to an outperform rating and set a $160.00 target price for the company in a research report on Friday, January 12th. Finally, Wells Fargo & Co reaffirmed a buy rating and issued a $143.00 target price (up previously from $136.00) on shares of Hubbell in a research report on Wednesday, December 20th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Hubbell has an average rating of Buy and an average price target of $139.80.

Shares of Hubbell (NYSE HUBB) traded down $0.20 during trading hours on Thursday, hitting $138.31. 331,154 shares of the company were exchanged, compared to its average volume of 276,920. Hubbell has a fifty-two week low of $109.32 and a fifty-two week high of $141.67. The company has a current ratio of 2.28, a quick ratio of 1.43 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $7,576.50, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 2.24 and a beta of 1.09.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.15. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The business had revenue of $950.50 million for the quarter, compared to analyst estimates of $960.28 million. During the same period last year, the business posted $1.63 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. equities analysts predict that Hubbell will post 5.45 earnings per share for the current year.

Hubbell declared that its board has authorized a share repurchase plan on Friday, October 20th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, insider Gerben Bakker sold 590 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $125.34, for a total value of $73,950.60. Following the completion of the transaction, the insider now owns 13,249 shares of the company’s stock, valued at $1,660,629.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.28% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in HUBB. Vanguard Group Inc. grew its position in shares of Hubbell by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,545,258 shares of the industrial products company’s stock valued at $514,386,000 after acquiring an additional 89,275 shares during the period. BlackRock Inc. grew its position in shares of Hubbell by 1.4% in the 2nd quarter. BlackRock Inc. now owns 4,282,003 shares of the industrial products company’s stock valued at $484,595,000 after acquiring an additional 57,699 shares during the period. JPMorgan Chase & Co. grew its position in shares of Hubbell by 1.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,027,573 shares of the industrial products company’s stock valued at $234,915,000 after acquiring an additional 25,710 shares during the period. American Century Companies Inc. grew its position in shares of Hubbell by 3.8% in the 3rd quarter. American Century Companies Inc. now owns 1,770,634 shares of the industrial products company’s stock valued at $205,429,000 after acquiring an additional 64,779 shares during the period. Finally, State Street Corp grew its position in shares of Hubbell by 2.7% in the 2nd quarter. State Street Corp now owns 1,438,263 shares of the industrial products company’s stock valued at $162,771,000 after acquiring an additional 37,792 shares during the period. 85.16% of the stock is owned by institutional investors and hedge funds.

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About Hubbell

Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.

Analyst Recommendations for Hubbell (NYSE:HUBB)

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