Hubbell (NYSE:HUBB) Upgraded to Buy at Wall Street Zen

Key Points

• Hubbell has been upgraded by Wall Street Zen from a "hold" rating to a "buy" rating, indicating increased confidence in the company's stock potential.
• Multiple research firms have raised their price targets for Hubbell, with JPMorgan increasing it from $352 to $417 and Wells Fargo from $420 to $445.
• In its most recent quarter, Hubbell reported an EPS of $4.93, surpassing analyst estimates of $4.36, despite revenue of $1.48 billion falling slightly short of expectations.

Hubbell (NYSE:HUBB - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

HUBB has been the subject of a number of other research reports. JPMorgan Chase & Co. increased their target price on shares of Hubbell from $352.00 to $417.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company upped their price target on shares of Hubbell from $420.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday. Finally, Barclays lifted their price objective on shares of Hubbell from $420.00 to $431.00 and gave the company an "equal weight" rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Hubbell presently has a consensus rating of "Hold" and a consensus target price of $460.75.

Hubbell Price Performance

Shares of NYSE HUBB opened at $426.27 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.73 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $408.97 and a two-hundred day simple moving average of $383.51. Hubbell has a 1-year low of $299.42 and a 1-year high of $481.35. The firm has a market cap of $22.75 billion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 2.45 and a beta of 0.99.

Hubbell (NYSE:HUBB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $4.93 EPS for the quarter, beating analysts' consensus estimates of $4.36 by $0.57. Hubbell had a return on equity of 27.63% and a net margin of 14.76%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.51 billion. Analysts anticipate that Hubbell will post 17.63 earnings per share for the current year.

Insider Buying and Selling at Hubbell

In related news, CEO Gerben Bakker sold 7,723 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $384.63, for a total value of $2,970,497.49. Following the sale, the chief executive officer owned 82,101 shares in the company, valued at approximately $31,578,507.63. This trade represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carlos M. Cardoso sold 400 shares of Hubbell stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $386.29, for a total value of $154,516.00. Following the sale, the director directly owned 1,727 shares of the company's stock, valued at $667,122.83. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hubbell

A number of institutional investors and hedge funds have recently bought and sold shares of HUBB. New York Life Investment Management LLC increased its stake in Hubbell by 1.4% in the second quarter. New York Life Investment Management LLC now owns 7,328 shares of the industrial products company's stock valued at $2,993,000 after acquiring an additional 102 shares during the last quarter. Tevis Investment Management purchased a new position in Hubbell in the 2nd quarter worth $448,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Hubbell by 34.2% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 2,384 shares of the industrial products company's stock worth $974,000 after purchasing an additional 607 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Hubbell by 16.5% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 9,202 shares of the industrial products company's stock valued at $3,758,000 after buying an additional 1,300 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in Hubbell by 34.8% during the second quarter. Teacher Retirement System of Texas now owns 10,575 shares of the industrial products company's stock valued at $4,319,000 after buying an additional 2,729 shares during the period. 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.

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