Hubbell Incorporated (NYSE:HUBB) Sees Large Growth in Short Interest

Hubbell Incorporated (NYSE:HUBB) was the recipient of a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 1,230,000 shares, a growth of 27.3% from the March 31st total of 966,500 shares. Based on an average daily volume of 425,500 shares, the days-to-cover ratio is presently 2.9 days. Approximately 2.3% of the shares of the company are short sold.

Insider Buying and Selling

In related news, insider Mark Eugene Mikes sold 1,837 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the transaction, the insider now owns 5,296 shares of the company’s stock, valued at $1,896,815.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Katherine Anne Lane sold 1,468 shares of Hubbell stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total value of $517,484.68. Following the sale, the vice president now directly owns 9,355 shares in the company, valued at approximately $3,297,731.05. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark Eugene Mikes sold 1,837 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $358.16, for a total value of $657,939.92. Following the transaction, the insider now directly owns 5,296 shares of the company’s stock, valued at approximately $1,896,815.36. The disclosure for this sale can be found here. Insiders sold 34,125 shares of company stock valued at $12,065,100 over the last quarter. 0.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hubbell

Institutional investors have recently modified their holdings of the business. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in Hubbell in the 1st quarter valued at $208,000. McKinley Carter Wealth Services Inc. acquired a new position in shares of Hubbell during the 1st quarter worth $6,091,000. Quantum Financial Advisors LLC purchased a new stake in shares of Hubbell in the first quarter valued at about $201,000. Bank of New York Mellon Corp grew its holdings in Hubbell by 14.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,743,746 shares of the industrial products company’s stock valued at $723,741,000 after buying an additional 216,600 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hubbell by 6.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,750 shares of the industrial products company’s stock valued at $23,554,000 after acquiring an additional 3,331 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on HUBB shares. Deutsche Bank Aktiengesellschaft started coverage on Hubbell in a report on Monday, March 11th. They issued a “hold” rating and a $427.00 price objective on the stock. Mizuho increased their price objective on shares of Hubbell from $370.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Barclays boosted their target price on Hubbell from $340.00 to $400.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company increased their price target on Hubbell from $351.00 to $360.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, StockNews.com cut Hubbell from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Hubbell presently has an average rating of “Moderate Buy” and an average target price of $383.57.

Hubbell Price Performance

Shares of HUBB opened at $407.15 on Tuesday. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 2.48 and a beta of 0.94. The firm’s fifty day simple moving average is $396.93 and its 200-day simple moving average is $343.79. The company has a current ratio of 1.64, a quick ratio of 1.01 and a debt-to-equity ratio of 0.70. Hubbell has a twelve month low of $248.37 and a twelve month high of $429.61.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.58 by $0.11. Hubbell had a return on equity of 30.82% and a net margin of 14.14%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the company earned $2.60 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts forecast that Hubbell will post 16.43 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, May 31st. Hubbell’s dividend payout ratio (DPR) is 34.73%.

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.