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Hubbell (HUBB) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Hubbell (HUBB - Free Report) closed at $230.89, marking a +1.27% move from the previous day. This move outpaced the S&P 500's daily gain of 1.1%. Meanwhile, the Dow gained 0.61%, and the Nasdaq, a tech-heavy index, added 6.59%.
Coming into today, shares of the electrical products manufacturer had lost 2.77% in the past month. In that same time, the Industrial Products sector gained 4.05%, while the S&P 500 gained 4.58%.
Wall Street will be looking for positivity from Hubbell as it approaches its next earnings report date. This is expected to be January 31, 2023. In that report, analysts expect Hubbell to post earnings of $2.41 per share. This would mark year-over-year growth of 16.43%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.25 billion, up 13.67% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Hubbell. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Hubbell currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Hubbell is holding a Forward P/E ratio of 20.51. For comparison, its industry has an average Forward P/E of 20.51, which means Hubbell is trading at a no noticeable deviation to the group.
We can also see that HUBB currently has a PEG ratio of 2.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Manufacturing - Electrical Utilities industry currently had an average PEG ratio of 2.05 as of yesterday's close.
The Manufacturing - Electrical Utilities industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.