JPMorgan Chase & Co. Issues Pessimistic Forecast for Hubbell (NYSE:HUBB) Stock Price

Hubbell (NYSE:HUBB) had its price objective dropped by JPMorgan Chase & Co. from $486.00 to $470.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 7.20% from the stock’s current price.

Several other brokerages also recently commented on HUBB. Sanford C. Bernstein restated an “outperform” rating on shares of Hubbell in a research report on Wednesday, July 29th. Robert W. Baird lowered their target price on Hubbell from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. Evercore reiterated an “outperform” rating and issued a $630.00 target price on shares of Hubbell in a report on Friday, October 9th. Morgan Stanley set a $600.00 price target on shares of Hubbell in a research report on Friday, October 16th. Finally, Wall Street Zen lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Hubbell has a consensus rating of “Moderate Buy” and a consensus price target of $544.22.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $438.42 on Wednesday. The stock’s 50 day moving average price is $455.10 and its 200 day moving average price is $486.21. The stock has a market cap of $23.16 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 2.11 and a beta of 0.84. Hubbell has a 12 month low of $403.82 and a 12 month high of $565.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.53 and a quick ratio of 0.87.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $5.91 EPS for the quarter, topping the consensus estimate of $5.75 by $0.16. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Hubbell had a net margin of 13.78% and a return on equity of 27.33%. Hubbell’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.17 earnings per share. Equities research analysts anticipate that Hubbell will post 20.55 earnings per share for the current fiscal year.

Institutional Trading of Hubbell

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Hubbell during the second quarter worth approximately $2,455,986,000. Bank of New York Mellon Corp acquired a new stake in Hubbell in the 2nd quarter worth $783,142,000. Boston Partners grew its position in Hubbell by 22.3% in the 3rd quarter. Boston Partners now owns 1,350,142 shares of the industrial products company’s stock worth $615,154,000 after purchasing an additional 246,243 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Hubbell during the second quarter valued at about $610,053,000. Finally, First Trust Advisors LP lifted its stake in shares of Hubbell by 26.9% in the first quarter. First Trust Advisors LP now owns 714,287 shares of the industrial products company’s stock valued at $350,529,000 after buying an additional 151,467 shares during the period. Institutional investors own 88.16% of the company’s stock.

About Hubbell

Hubbell Incorporated is a manufacturer of electrical and utility products serving customers in the energy, industrial, commercial and residential markets. Its products help support the generation, transmission and distribution of electricity, as well as the installation and use of electrical systems. The company’s Utility Solutions business makes products such as connectors, insulators, arresters and other equipment used in electric utility networks. Its Electrical Solutions business supplies wiring devices, lighting and controls, enclosures and related products for buildings and industrial applications.