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

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

Hubbell Stock Performance

HUBB traded down $11.32 during midday trading on Thursday, hitting $342.53. 250,920 shares of the company traded hands, compared to its average volume of 461,884. The firm has a market capitalization of $18.38 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company’s 50-day moving average is $409.16 and its 200 day moving average is $423.47. Hubbell has a 52 week low of $339.45 and a 52 week high of $481.35. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

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

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a dividend of $1.32 per share. The ex-dividend date is Friday, February 28th. This represents a $5.28 dividend on an annualized basis and a yield of 1.54%. Hubbell’s dividend payout ratio is currently 36.77%.

Hubbell announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Hubbell from a “buy” rating to a “hold” rating and dropped their price objective for the company from $493.00 to $473.00 in a research note on Tuesday, November 26th. StockNews.com upgraded Hubbell from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Barclays lowered their price objective on Hubbell from $475.00 to $422.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, Wells Fargo & Company cut their target price on Hubbell from $455.00 to $450.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Five 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.com, Hubbell currently has an average rating of “Hold” and a consensus target price of $464.88.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,164 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $389.06, for a total value of $452,865.84. Following the transaction, the insider now owns 4,327 shares in the company, valued at approximately $1,683,462.62. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Hubbell

Several hedge funds and other institutional investors have recently modified their holdings of HUBB. Siemens Fonds Invest GmbH increased its position in Hubbell by 2,390.4% in the fourth quarter. Siemens Fonds Invest GmbH now owns 14,021 shares of the industrial products company’s stock worth $5,873,000 after buying an additional 13,458 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Hubbell in the fourth quarter worth approximately $13,908,000. Great Valley Advisor Group Inc. boosted its holdings in Hubbell by 8.1% in the 4th quarter. Great Valley Advisor Group Inc. now owns 11,215 shares of the industrial products company’s stock worth $4,698,000 after buying an additional 836 shares during the period. Challenger Wealth Management purchased a new position in shares of Hubbell in the fourth quarter valued at about $293,000. Finally, Toronto Dominion Bank boosted its stake in shares of Hubbell by 59.1% in the fourth quarter. Toronto Dominion Bank now owns 28,719 shares of the industrial products company’s stock worth $12,030,000 after acquiring an additional 10,667 shares during the period. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

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.