After Wells Fargo and J.P. Morgan gave Hubbell B (NYSE: HUBB) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Christopher Glynn maintained a Buy rating on Hubbell B yesterday and set a price target of $140. The company’s shares closed yesterday at $110.62.
Glynn noted:
“CEO David Nord highlighted a path to positive total price/cost economics as the year progresses with high conviction, similarly intoning on strong positioning to meet or exceed the guidance midpoint (current estimates treading a bit below midpoint), and detailing strong momentum for Aclara and lighting OM expansion in 2018. Price/cost impacted 1Q OM by about -150 bps for HUBB, reflecting peak cost inflation against natural lag to price realization in the channel (“simply a timing issue”). HUBB avoids an escalator formula model as a primary pricing tool as a less sticky way to price value over time; notes significant net improvement in 2Q, net positive p/c excluding lighting by 3Q, and enterprise net positive 4Q. HUBB noted active opportunistic share repurchase at current levels.”
According to TipRanks.com, Glynn is a 5-star analyst with an average return of 10.6% and a 67.4% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.
Hubbell B has an analyst consensus of Strong Buy, with a price target consensus of $137.67.
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Hubbell B’s market cap is currently $6.06B and has a P/E ratio of 25.61. The company has a Price to Book ratio of 3.65.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HUBB in relation to earlier this year.
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Hubbell, Inc. engages in designing, manufacturing and sale of electrical and electronic products for non-residential and residential construction, industrial, and utility applications. It operates though the Electrical and Power segments.
