Hubbell (NYSE:HUBB) Stock Gets Price Target Cut from Robert W. Baird

Hubbell (NYSE:HUBB) had its target price decreased by Robert W. Baird from $550.00 to $540.00 in a research note published on Wednesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the industrial products company’s stock.

Other equities research analysts have also issued reports about the company. Mizuho lowered their price objective on Hubbell from $575.00 to $560.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. JPMorgan Chase & Co. initiated coverage on Hubbell in a research report on Tuesday, October 20th. They set a “neutral” rating and a $485.00 target price on the stock. Sanford C. Bernstein reissued an “outperform” rating on shares of Hubbell in a research report on Wednesday, July 29th. Weiss Ratings upgraded Hubbell from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Morgan Stanley set a $600.00 price target on Hubbell in a research report on Friday, October 16th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Hubbell has an average rating of “Moderate Buy” and a consensus target price of $546.00.

Hubbell Trading Down 3.6%

Shares of HUBB opened at $422.58 on Wednesday. Hubbell has a fifty-two week low of $403.82 and a fifty-two week high of $565.50. The stock has a market capitalization of $22.32 billion, a PE ratio of 21.81, a P/E/G ratio of 2.09 and a beta of 0.85. The company’s fifty day moving average is $459.26 and its 200 day moving average is $487.81. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.93 and a current ratio of 1.53.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, October 27th. The industrial products company reported $5.91 earnings per share for the quarter, topping analysts’ consensus estimates of $5.75 by $0.16. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm posted $5.17 EPS. The business’s quarterly revenue was up 24.6% on a year-over-year basis. Sell-side analysts expect that Hubbell will post 20.54 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $1.52 per share. This represents a $6.08 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, November 30th. This is a positive change from Hubbell’s previous quarterly dividend of $1.42. Hubbell’s dividend payout ratio (DPR) is 33.29%.

Insider Activity at Hubbell

In other news, VP Jonathan Del Nero sold 547 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $518.56, for a total transaction of $283,652.32. Following the transaction, the vice president directly owned 2,933 shares of the company’s stock, valued at approximately $1,520,936.48. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.63% of the company’s stock.

Institutional Trading of Hubbell

Large investors have recently modified their holdings of the company. Covestor Ltd raised its stake in Hubbell by 80.0% in the third quarter. Covestor Ltd now owns 108 shares of the industrial products company’s stock worth $49,000 after buying an additional 48 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new stake in Hubbell during the third quarter worth $922,000. Associated Banc Corp bought a new stake in Hubbell during the 3rd quarter valued at $1,962,000. TT International Asset Management LTD boosted its position in Hubbell by 70.7% during the 3rd quarter. TT International Asset Management LTD now owns 2,107 shares of the industrial products company’s stock valued at $956,000 after acquiring an additional 873 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Hubbell during the 3rd quarter valued at $7,569,000. Hedge funds and other institutional investors own 88.16% of the company’s stock.

Hubbell Company Profile

Hubbell Incorporated (NYSE:HUBB) is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.

Hubbell’s Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.

Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.