Short Interest in Hubbell Incorporated (NYSE:HUBB) Rises By 28.3%

Hubbell Incorporated (NYSE:HUBB) saw a large increase in short interest in February. As of February 15th, there was short interest totalling 2,040,000 shares, an increase of 28.3% from the January 31st total of 1,590,000 shares. Based on an average trading volume of 516,500 shares, the days-to-cover ratio is presently 3.9 days. Approximately 3.8% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, insider Alyssa R. Flynn sold 1,164 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the sale, the insider now owns 4,327 shares of the company’s stock, valued at approximately $1,683,462.62. The trade was a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is owned by insiders.

Institutional Investors Weigh In On Hubbell

Hedge funds have recently modified their holdings of the stock. Salem Investment Counselors Inc. raised its position in Hubbell by 26.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 9,144 shares of the industrial products company’s stock worth $3,830,000 after acquiring an additional 1,886 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Hubbell by 122.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,723 shares of the industrial products company’s stock worth $12,032,000 after acquiring an additional 15,806 shares in the last quarter. Principal Financial Group Inc. raised its position in Hubbell by 7.1% in the third quarter. Principal Financial Group Inc. now owns 229,210 shares of the industrial products company’s stock worth $98,187,000 after acquiring an additional 15,215 shares in the last quarter. LGT Capital Partners LTD. purchased a new position in Hubbell in the third quarter worth $39,687,000. Finally, Impax Asset Management Group plc raised its position in Hubbell by 30.3% in the third quarter. Impax Asset Management Group plc now owns 1,202,455 shares of the industrial products company’s stock worth $514,377,000 after acquiring an additional 279,654 shares in the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Hubbell Stock Down 2.2 %

HUBB stock opened at $345.92 on Friday. The company’s 50 day moving average price is $407.47 and its 200 day moving average price is $422.93. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64. Hubbell has a fifty-two week low of $337.97 and a fifty-two week high of $481.35. The firm has a market capitalization of $18.57 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 1.34 and a beta of 0.95.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.41 billion. Hubbell had a return on equity of 28.62% and a net margin of 13.82%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $3.69 earnings per share. On average, equities research analysts anticipate that Hubbell will post 17.63 EPS for the current fiscal year.

Hubbell announced that its board has authorized a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the industrial products company to purchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell’s payout ratio is currently 36.77%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HUBB. Deutsche Bank Aktiengesellschaft cut shares of Hubbell from a “buy” rating to a “hold” rating and lowered their price target for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. Barclays lowered their price target on shares of Hubbell from $475.00 to $422.00 and set an “equal weight” rating on the stock in a research report on Monday. Wells Fargo & Company lowered their price target on shares of Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Finally, StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Hubbell has a consensus rating of “Hold” and a consensus price target of $464.88.

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.