Hubbell (HUBB) announced strong results on Tuesday. And its stock rose 12.7% to a new all-time high on Wednesday. As a consequence, its Relative Strength (RS) Rating jumped to 92 on Wednesday, out of a maximum of 99.
Hubbell Stock Explodes; Profits Increase by 70%
Hubbell does not view distant blazing galaxies like the similarly called telescope. Hubbell, the electrical systems provider, stands out. Hubbell announced a 70% year-over-year increase in earnings per share to $3.61 on Tuesday, well above expectations. Sales increased by 11% to $1.29 billion.
Hubbell stock now ranks in the top 8% of all companies in terms of price performance over the last 12 months, according to the enhanced 92 RS Rating. Historically, equities that go on to earn the most gains have an RS Rating of at least 80 in the early phases of their advances.
The IBD 50 stock also has a 93 Earnings Per Share Rating out of a possible 99. Add in a 93 Composite Rating and a B-Accumulation/Distribution Rating.
The Composite Rating combines five distinct unique IBD ratings based on important fundamental and technical factors into a single, simple number. A Composite Rating of 90 or above indicates the top growth stocks. Over the previous 13 weeks, the Accumulation/Distribution Rating has tracked institutional purchasing (accumulation) and selling (distribution) in a certain company.
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Hubbell designs and manufactures power transmission systems for the industrial, construction, and other sectors. Hubbell stock had previously broken out, but has now slipped below the prior 263.40 entry from a consolidation. It’s critical to understand that the most recent pattern is a later-stage basis that has the potential to flourish. However, it is riskier than an early-stage basis to develop a new position or add shares to an existing one.
