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. Based on an average daily trading volume, of 474,400 shares, the short-interest ratio is currently 4.6 days. Currently, 4.1% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

HUBB has been the subject of several recent research reports. Morgan Stanley assumed coverage on shares of Hubbell in a report on Friday, September 6th. They set an “equal weight” rating and a $407.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Hubbell from $383.00 to $385.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upgraded 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, September 6th. Stephens restated an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research note on Friday, August 2nd. Finally, Wells Fargo & Company boosted their price target on Hubbell from $397.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell currently has an average rating of “Moderate Buy” and a consensus price target of $404.88.

Hubbell Stock Performance

HUBB opened at $428.48 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. The stock has a market cap of $23.00 billion, a price-to-earnings ratio of 31.95, a PEG ratio of 1.56 and a beta of 0.90. Hubbell has a 12-month low of $248.37 and a 12-month high of $433.03. The business has a 50 day moving average of $387.00 and a 200-day moving average of $389.92.

Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, beating the consensus estimate of $4.24 by $0.13. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $4.07 earnings per share. On average, equities research analysts expect that Hubbell will post 16.45 earnings per share for the current year.

Hubbell Dividend Announcement

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Hubbell

Several institutional investors and hedge funds have recently made changes to their positions in HUBB. Cambridge Investment Research Advisors Inc. grew its stake in shares of Hubbell by 10.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 9,502 shares of the industrial products company’s stock valued at $3,126,000 after acquiring an additional 872 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Hubbell by 343.8% during the fourth quarter. TD Asset Management Inc now owns 43,785 shares of the industrial products company’s stock worth $14,402,000 after purchasing an additional 33,920 shares during the period. Focus Financial Network Inc. ADV acquired a new stake in shares of Hubbell in the fourth quarter valued at approximately $636,000. Allianz Asset Management GmbH boosted its stake in shares of Hubbell by 26.5% in the fourth quarter. Allianz Asset Management GmbH now owns 25,829 shares of the industrial products company’s stock valued at $8,496,000 after buying an additional 5,406 shares during the period. Finally, Treasurer of the State of North Carolina grew its position in Hubbell by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 24,518 shares of the industrial products company’s stock worth $8,065,000 after buying an additional 234 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

Hubbell Company Profile

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.