Hubbell Incorporated (NYSE:HUBB) Sees Significant Decrease in Short Interest

Hubbell Incorporated (NYSE:HUBB) was the target 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. Currently, 4.1% of the company’s stock are short sold. Based on an average daily trading volume, of 474,400 shares, the days-to-cover ratio is presently 4.6 days.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and raised their target price for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. Barclays reduced their price objective on shares of Hubbell from $384.00 to $368.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Stephens reaffirmed an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Morgan Stanley initiated coverage on shares of Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on shares of Hubbell from $397.00 to $400.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Hubbell presently has a consensus rating of “Moderate Buy” and an average price target of $404.88.

Hubbell Price Performance

Shares of NYSE:HUBB opened at $428.35 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. Hubbell has a one year low of $248.37 and a one year high of $433.03. The company has a 50-day simple moving average of $387.00 and a 200-day simple moving average of $389.86. The stock has a market capitalization of $23.00 billion, a price-to-earnings ratio of 31.93, 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 for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $4.07 EPS. On average, analysts predict that Hubbell will post 16.45 EPS for the current year.

Hubbell Dividend Announcement

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

Insider Activity

In related news, 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 sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Carlos M. Cardoso sold 450 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 66,415 shares in the company, 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

Hedge funds have recently made changes to their positions in the company. CWM LLC grew its stake in Hubbell by 2.2% in the 2nd quarter. CWM LLC now owns 1,319 shares of the industrial products company’s stock valued at $482,000 after acquiring an additional 28 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Hubbell by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 816 shares of the industrial products company’s stock valued at $339,000 after purchasing an additional 30 shares in the last quarter. Detalus Advisors LLC grew its position in shares of Hubbell by 3.0% in the second quarter. Detalus Advisors LLC now owns 1,030 shares of the industrial products company’s stock valued at $377,000 after purchasing an additional 30 shares during the last quarter. Savant Capital LLC increased its stake in shares of Hubbell by 2.6% during the 2nd quarter. Savant Capital LLC now owns 1,205 shares of the industrial products company’s stock worth $440,000 after purchasing an additional 31 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of Hubbell by 23.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 184 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 35 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

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.