Hubbell Incorporated (NYSE:HUBB) Sees Large Drop in Short Interest

Hubbell Incorporated (NYSE:HUBB) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,170,000 shares, a drop of 6.5% from the August 31st total of 2,320,000 shares. Approximately 4.1% of the company’s stock are short sold. Based on an average daily volume of 474,400 shares, the days-to-cover ratio is currently 4.6 days.

Insider Buying and Selling at Hubbell

In other news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $374.34, for a total transaction 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 Securities & Exchange Commission, which can be accessed through this link. In related news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the sale, the director now owns 1,670 shares of the company’s stock, valued at $608,781.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction that occurred 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 owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Hubbell

A number of institutional investors have recently modified their holdings of HUBB. Vanguard Group Inc. raised its stake in Hubbell by 15.9% in the fourth quarter. Vanguard Group Inc. now owns 6,696,582 shares of the industrial products company’s stock valued at $2,202,707,000 after purchasing an additional 918,808 shares in the last quarter. Impax Asset Management Group plc raised its position in shares of Hubbell by 53.8% in the 2nd quarter. Impax Asset Management Group plc now owns 922,801 shares of the industrial products company’s stock valued at $336,984,000 after buying an additional 322,728 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Hubbell by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock valued at $743,970,000 after buying an additional 291,850 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Hubbell by 16.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock worth $821,989,000 after acquiring an additional 286,134 shares during the period. Finally, Westwood Holdings Group Inc. boosted its position in shares of Hubbell by 575.7% during the 4th quarter. Westwood Holdings Group Inc. now owns 288,186 shares of the industrial products company’s stock worth $94,793,000 after acquiring an additional 245,536 shares in the last quarter. 88.16% of the stock is currently owned by institutional investors.

Hubbell Trading Down 0.2 %

Shares of Hubbell stock opened at $427.29 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. The firm has a 50-day moving average of $387.98 and a 200-day moving average of $390.04. Hubbell has a 52-week low of $248.37 and a 52-week high of $433.03. The stock has a market cap of $22.94 billion, a PE ratio of 31.94, a PEG ratio of 1.56 and a beta of 0.90.

Hubbell (NYSE:HUBB) last posted 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 business’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Hubbell will post 16.45 EPS for the current year.

Hubbell Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $1.22 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a yield of 1.14%. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on HUBB shares. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and increased their price target for the company from $431.00 to $441.00 in a research note on Friday, September 6th. JPMorgan Chase & Co. boosted their price target on Hubbell from $383.00 to $385.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Morgan Stanley initiated coverage on Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price objective for the company. Wells Fargo & Company boosted their target price on Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Finally, Barclays cut their price target on Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $404.88.

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.