Hubbell (NYSE:HUBB) Price Target Cut to $397.00 by Analysts at Wells Fargo & Company

Hubbell (NYSE:HUBB) had its target price decreased by Wells Fargo & Company from $435.00 to $397.00 in a research note issued to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the industrial products company’s stock.

A number of other equities research analysts also recently commented on the company. StockNews.com downgraded Hubbell from a buy rating to a hold rating in a research report on Friday, February 2nd. Barclays increased their price target on Hubbell from $340.00 to $400.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a report on Monday, March 11th. They set a hold rating and a $427.00 price objective on the stock. Finally, Mizuho raised their target price on shares of Hubbell from $370.00 to $450.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Five research 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, the stock currently has an average rating of Moderate Buy and an average target price of $386.57.

Hubbell Price Performance

Shares of NYSE HUBB opened at $379.89 on Wednesday. The firm’s 50-day simple moving average is $398.06 and its 200 day simple moving average is $345.57. The stock has a market cap of $20.37 billion, a P/E ratio of 28.33, a P/E/G ratio of 1.44 and a beta of 0.96. The company has a quick ratio of 1.01, a current ratio of 1.66 and a debt-to-equity ratio of 0.64. Hubbell has a fifty-two week low of $248.37 and a fifty-two week high of $429.61.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $3.61 earnings per share. Equities analysts expect that Hubbell will post 16.41 EPS for the current year.

Hubbell Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a dividend of $1.22 per share. The ex-dividend date is Thursday, May 30th. This represents a $4.88 annualized dividend and a yield of 1.28%. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Insider Buying and Selling

In other Hubbell news, insider Mark Eugene Mikes sold 1,837 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the sale, the insider now directly owns 5,296 shares in the company, valued at $1,896,815.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Mark Eugene Mikes sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the transaction, the insider now directly owns 5,296 shares in the company, valued at $1,896,815.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Katherine Anne Lane sold 1,468 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $352.51, for a total value of $517,484.68. Following the completion of the sale, the vice president now directly owns 9,355 shares of the company’s stock, valued at $3,297,731.05. The disclosure for this sale can be found here. In the last three months, insiders sold 4,747 shares of company stock valued at $1,693,364. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

Large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in Hubbell by 6.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 11,056 shares of the industrial products company’s stock valued at $3,465,000 after buying an additional 713 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Hubbell by 50.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,630 shares of the industrial products company’s stock worth $2,705,000 after purchasing an additional 2,886 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Hubbell by 24.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 133,195 shares of the industrial products company’s stock worth $41,745,000 after purchasing an additional 26,312 shares in the last quarter. Tectonic Advisors LLC bought a new position in Hubbell during the third quarter worth about $286,000. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Hubbell by 8.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 9,410 shares of the industrial products company’s stock valued at $2,949,000 after purchasing an additional 711 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

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.