Hubbell (NYSE:HUBB) Shares Gap Down – Here’s What Happened

Hubbell Incorporated (NYSE:HUBB) gapped down prior to trading on Tuesday . The stock had previously closed at $449.67, but opened at $424.64. Hubbell shares last traded at $433.08, with a volume of 72,473 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on HUBB shares. Morgan Stanley boosted their price target on shares of Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Mizuho raised their price target on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Barclays increased their target price on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $385.00 to $454.00 in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell has a consensus rating of “Moderate Buy” and a consensus target price of $434.38.

Hubbell Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13. The company’s 50-day moving average price is $419.94 and its 200-day moving average price is $395.41. The company has a market cap of $23.17 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.66 and a beta of 0.90.

Hubbell (NYSE:HUBB) last released its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the business posted $3.95 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, sell-side analysts predict that Hubbell Incorporated will post 16.43 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.32 per share. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. The ex-dividend date is Friday, November 29th. This represents a $5.28 annualized dividend and a dividend yield of 1.22%. Hubbell’s payout ratio is 36.39%.

Insider Activity

In related news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the transaction, the chief executive officer now directly owns 66,415 shares in the company, valued at approximately $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the transaction, the director now directly owns 1,670 shares in the company, valued at approximately $608,781.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hubbell

Several large investors have recently modified their holdings of HUBB. OLD National Bancorp IN grew its stake in Hubbell by 3.8% in the 3rd quarter. OLD National Bancorp IN now owns 596 shares of the industrial products company’s stock valued at $255,000 after buying an additional 22 shares during the last quarter. CWM LLC increased its stake in shares of Hubbell by 2.2% during the second quarter. CWM LLC now owns 1,319 shares of the industrial products company’s stock worth $482,000 after purchasing an additional 28 shares during the period. Meeder Advisory Services Inc. lifted its holdings in Hubbell by 3.8% during the 1st quarter. Meeder Advisory Services Inc. now owns 816 shares of the industrial products company’s stock worth $339,000 after purchasing an additional 30 shares during the last quarter. Detalus Advisors LLC boosted its stake in Hubbell by 3.0% in the 2nd quarter. Detalus Advisors LLC now owns 1,030 shares of the industrial products company’s stock valued at $377,000 after purchasing an additional 30 shares during the period. Finally, Ballentine Partners LLC grew its holdings in Hubbell by 3.2% in the 3rd quarter. Ballentine Partners LLC now owns 956 shares of the industrial products company’s stock valued at $410,000 after buying an additional 30 shares in the last quarter. 88.16% of the stock is owned by institutional investors.

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.