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

Hubbell (NYSE:HUBB) had its price objective cut by equities research analysts at Wells Fargo & Company from $455.00 to $450.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 3.51% from the stock’s previous close.

A number of other brokerages have also weighed in on HUBB. Mizuho increased their price objective on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Sanford C. Bernstein initiated coverage on shares of Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective for the company. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. downgraded shares of Hubbell from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $385.00 to $454.00 in a research report on Thursday, October 10th. Finally, Morgan Stanley increased their price target on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Hubbell currently has an average rating of “Hold” and a consensus price target of $471.50.

Hubbell Price Performance

Shares of HUBB stock opened at $434.76 on Tuesday. Hubbell has a fifty-two week low of $319.03 and a fifty-two week high of $481.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $23.33 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 1.69 and a beta of 0.93. The stock’s 50-day simple moving average is $444.93 and its 200-day simple moving average is $414.36.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $3.95 earnings per share. As a group, equities analysts forecast that Hubbell will post 16.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of Hubbell 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 sale, the insider now owns 2,957 shares in the company, valued at $1,378,553.40. The trade was a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its holdings in shares of Hubbell by 0.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 10,665 shares of the industrial products company’s stock worth $3,898,000 after acquiring an additional 93 shares during the last quarter. National Bank of Canada FI lifted its stake in Hubbell by 24.6% during the second quarter. National Bank of Canada FI now owns 14,756 shares of the industrial products company’s stock worth $5,299,000 after purchasing an additional 2,915 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Hubbell by 89.0% during the second quarter. Private Advisor Group LLC now owns 4,688 shares of the industrial products company’s stock worth $1,713,000 after buying an additional 2,207 shares during the period. Savant Capital LLC grew its stake in shares of Hubbell by 2.6% in the second quarter. Savant Capital LLC now owns 1,205 shares of the industrial products company’s stock valued at $440,000 after buying an additional 31 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Hubbell by 51.3% in the 2nd quarter. Acadian Asset Management LLC now owns 3,693 shares of the industrial products company’s stock valued at $1,347,000 after buying an additional 1,252 shares during the period. Institutional investors and hedge funds own 88.16% of the company’s stock.

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.