Morgan Stanley Increases Hubbell (NYSE:HUBB) Price Target to $130.00

Hubbell (NYSE:HUBB) had its price target lifted by Morgan Stanley from $129.00 to $130.00 in a research note published on Wednesday morning, Stock Target Advisor reports. The brokerage currently has an equal weight rating on the industrial products company’s stock.

HUBB has been the subject of a number of other research reports. Zacks Investment Research raised HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. Stephens started coverage on shares of Itron in a report on Monday, July 8th. They issued an equal weight rating and a $64.00 target price on the stock. Finally, JMP Securities set a $146.00 target price on shares of Hubbell and gave the company a buy rating in a report on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $139.67.

Shares of NYSE HUBB opened at $128.00 on Wednesday. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 1.55 and a beta of 1.49. The business’s 50 day moving average price is $123.98. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.16 and a current ratio of 1.95. Hubbell has a 1-year low of $91.88 and a 1-year high of $137.67.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.02. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.10 billion. Hubbell had a return on equity of 23.09% and a net margin of 8.17%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 EPS. On average, research analysts predict that Hubbell will post 8.1 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were paid a $0.84 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $3.36 annualized dividend and a dividend yield of 2.63%. Hubbell’s payout ratio is 46.09%.

In related news, insider Kevin Arthur Poyck sold 247 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $122.00, for a total value of $30,134.00. Following the sale, the insider now directly owns 15,572 shares of the company’s stock, valued at $1,899,784. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Darrin S. Wegman sold 3,925 shares of Hubbell stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $127.06, for a total value of $498,710.50. Following the completion of the transaction, the insider now owns 19,149 shares in the company, valued at approximately $2,433,071.94. The disclosure for this sale can be found here. Insiders have sold a total of 19,177 shares of company stock valued at $2,477,468 in the last three months. 2.20% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of HUBB. LPL Financial LLC increased its position in Hubbell by 122.7% during the 4th quarter. LPL Financial LLC now owns 5,063 shares of the industrial products company’s stock worth $503,000 after purchasing an additional 2,790 shares in the last quarter. Calamos Advisors LLC bought a new stake in shares of Hubbell during the first quarter worth $601,000. Gotham Asset Management LLC bought a new stake in shares of Hubbell during the fourth quarter worth $13,572,000. Two Sigma Securities LLC acquired a new position in shares of Hubbell during the fourth quarter worth $463,000. Finally, Norges Bank acquired a new position in shares of Hubbell during the fourth quarter worth $34,205,000. 85.48% of the stock is owned by hedge funds and other institutional investors.

About Hubbell

Hubbell Incorporated designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical and Power. The Electrical segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, 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 for the natural gas distribution market.

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