Hubbell (NYSE:HUBB) Cut to "Hold" at StockNews.com

StockNews.com downgraded shares of Hubbell (NYSE:HUBB - Free Report) from a buy rating to a hold rating in a research note published on Friday.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered their target price on shares of Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their price objective on Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Barclays reduced their target price on Hubbell from $422.00 to $400.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 26th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $449.38.

Hubbell Stock Down 1.8 %

Shares of HUBB stock traded down $6.18 during trading hours on Friday, reaching $340.41. 19,459 shares of the company's stock were exchanged, compared to its average volume of 690,515. Hubbell has a fifty-two week low of $299.42 and a fifty-two week high of $481.35. The stock's 50 day moving average is $354.74 and its 200-day moving average is $410.80. The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The company has a market cap of $18.27 billion, a price-to-earnings ratio of 23.71, a P/E/G ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.02 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. Hubbell's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.69 EPS. Analysts predict that Hubbell will post 17.63 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a $1.32 dividend. The ex-dividend date was Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.55%. Hubbell's payout ratio is currently 36.77%.

Hubbell announced that its board has initiated a share buyback program on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, insider Alyssa R. Flynn sold 1,164 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now directly owns 4,327 shares in the company, valued at $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.66% of the company's stock.

Hedge Funds Weigh In On Hubbell

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Financial Designs Inc. ADV raised its stake in Hubbell by 85.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 65 shares of the industrial products company's stock worth $27,000 after purchasing an additional 30 shares during the period. Stonebridge Financial Group LLC acquired a new stake in shares of Hubbell during the 4th quarter worth approximately $30,000. Versant Capital Management Inc raised its position in shares of Hubbell by 64.6% during the 4th quarter. Versant Capital Management Inc now owns 79 shares of the industrial products company's stock valued at $33,000 after buying an additional 31 shares during the period. Johnson Financial Group Inc. lifted its holdings in Hubbell by 166.7% in the fourth quarter. Johnson Financial Group Inc. now owns 104 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 65 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its position in Hubbell by 69.7% in the fourth quarter. Venturi Wealth Management LLC now owns 129 shares of the industrial products company's stock worth $54,000 after acquiring an additional 53 shares during the period. Institutional investors and hedge funds own 88.16% of the company's stock.

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.