Wells Fargo & Company Cuts Hubbell (NYSE:HUBB) Price Target to $450.00

Hubbell (NYSE:HUBB) had its price target cut by Wells Fargo & Company from $455.00 to $450.00 in a report issued on Tuesday,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Other equities analysts have also issued reports about the company. Morgan Stanley increased their price target on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft downgraded Hubbell from a “buy” rating to a “hold” rating and lowered their target price for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. Barclays upped their price target on shares of Hubbell from $402.00 to $475.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Hubbell from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $471.50.

Hubbell Trading Up 0.2 %

Shares of HUBB opened at $434.76 on Tuesday. Hubbell has a 1 year low of $319.03 and a 1 year high of $481.35. The company has a 50 day simple moving average of $445.00 and a two-hundred day simple moving average of $414.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.05. The firm has a market cap of $23.33 billion, a P/E ratio of 31.32, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm posted $3.95 EPS. Hubbell’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts expect that Hubbell will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is 38.04%.

Insider Activity at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the transaction, the insider now owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.66% of the stock is currently owned by insiders.

Institutional Trading of Hubbell

Large investors have recently made changes to their positions in the stock. Douglas Lane & Associates LLC increased its stake in Hubbell by 158.7% in the 4th quarter. Douglas Lane & Associates LLC now owns 2,690 shares of the industrial products company’s stock worth $1,127,000 after buying an additional 1,650 shares during the period. Fulton Bank N.A. grew its stake in Hubbell by 1.7% in the 4th quarter. Fulton Bank N.A. now owns 2,796 shares of the industrial products company’s stock worth $1,171,000 after acquiring an additional 48 shares in the last quarter. Insight Wealth Strategies LLC increased its position in shares of Hubbell by 3.3% during the fourth quarter. Insight Wealth Strategies LLC now owns 10,202 shares of the industrial products company’s stock worth $4,273,000 after acquiring an additional 330 shares during the period. Nordea Investment Management AB raised its stake in shares of Hubbell by 29.6% during the fourth quarter. Nordea Investment Management AB now owns 160,630 shares of the industrial products company’s stock valued at $67,503,000 after acquiring an additional 36,643 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new stake in shares of Hubbell in the fourth quarter valued at approximately $427,000. 88.16% of the stock is owned by hedge funds and other institutional investors.

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.