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

Hubbell Incorporated (NYSE:HUBB) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 2,040,000 shares, a decrease of 11.3% from the October 15th total of 2,300,000 shares. Based on an average trading volume of 385,000 shares, the short-interest ratio is presently 5.3 days. Approximately 3.9% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

HUBB has been the topic of a number of research analyst reports. Mizuho boosted their price objective on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. downgraded shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $385.00 to $454.00 in a research note on Thursday, October 10th. Morgan Stanley lifted their price objective on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Wells Fargo & Company upped their target price on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Barclays raised their target price on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Hubbell currently has an average rating of “Moderate Buy” and an average target price of $445.56.

Insider Activity

In other news, insider Mark Eugene Mikes sold 1,144 shares of Hubbell stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total value of $533,332.80. Following the sale, the insider now directly owns 2,957 shares in the company, valued at approximately $1,378,553.40. This trade represents a 27.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.78% of the company’s stock.

Hedge Funds Weigh In On Hubbell

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Groupama Asset Managment raised its stake in shares of Hubbell by 17.0% in the third quarter. Groupama Asset Managment now owns 6,955 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 1,010 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in Hubbell in the 3rd quarter worth about $33,000. Ashton Thomas Securities LLC bought a new position in Hubbell during the 3rd quarter valued at about $41,000. Quarry LP purchased a new stake in shares of Hubbell during the 2nd quarter valued at about $49,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Hubbell in the third quarter worth approximately $58,000. 88.16% of the stock is owned by institutional investors.

Hubbell Stock Down 0.3 %

Shares of NYSE HUBB traded down $1.30 during trading on Tuesday, reaching $443.63. The company had a trading volume of 23,749 shares, compared to its average volume of 442,658. The business’s 50-day moving average is $435.08 and its 200 day moving average is $399.99. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.51. The stock has a market cap of $23.81 billion, a PE ratio of 32.06, a P/E/G ratio of 1.63 and a beta of 0.90. Hubbell has a 12-month low of $293.91 and a 12-month high of $481.35.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. Hubbell’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.95 EPS. As a group, equities analysts forecast that Hubbell will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.32 dividend. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Friday, November 29th. Hubbell’s payout ratio is presently 35.16%.

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.