Hubbell (NYSE:HUBB) Now Covered by Analysts at Morgan Stanley

Equities researchers at Morgan Stanley initiated coverage on shares of Hubbell (NYSE:HUBB) in a research note issued to investors on Friday, Briefing.com reports. The firm set an “equal weight” rating and a $407.00 price target on the industrial products company’s stock. Morgan Stanley’s target price would indicate a potential upside of 9.88% from the stock’s previous close.

Several other research analysts also recently commented on HUBB. JPMorgan Chase & Co. raised their price objective on Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Stephens reiterated an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and upped their target price for the stock from $431.00 to $441.00 in a report on Friday. Finally, Barclays decreased their price target on Hubbell from $384.00 to $368.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $404.88.

Hubbell Stock Performance

HUBB opened at $370.42 on Friday. Hubbell has a 12-month low of $248.37 and a 12-month high of $429.61. The company has a market cap of $19.89 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 1.51 and a beta of 0.90. The company has a current ratio of 1.81, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $375.45 and its 200 day moving average is $386.38.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the firm posted $4.07 EPS. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, equities research analysts predict that Hubbell will post 16.39 EPS for the current year.

Insider Buying and Selling at Hubbell

In related news, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the transaction, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the transaction, the director now owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now directly owns 66,415 shares in the company, valued at $24,861,791.10. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hubbell

A number of institutional investors and hedge funds have recently modified their holdings of HUBB. Nordea Investment Management AB grew its holdings in Hubbell by 4.1% during the 1st quarter. Nordea Investment Management AB now owns 160,085 shares of the industrial products company’s stock valued at $66,571,000 after purchasing an additional 6,275 shares during the last quarter. Clearbridge Investments LLC bought a new stake in shares of Hubbell during the 4th quarter worth approximately $1,258,000. Focus Financial Network Inc. ADV purchased a new position in Hubbell during the 4th quarter valued at $636,000. TD Asset Management Inc boosted its holdings in Hubbell by 343.8% during the 4th quarter. TD Asset Management Inc now owns 43,785 shares of the industrial products company’s stock valued at $14,402,000 after acquiring an additional 33,920 shares during the period. Finally, Point72 Asset Management L.P. grew its position in Hubbell by 4,414.0% in the 4th quarter. Point72 Asset Management L.P. now owns 242,855 shares of the industrial products company’s stock valued at $79,882,000 after acquiring an additional 237,475 shares during the last quarter. Hedge funds and other institutional investors 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.