Hubbell Incorporated (NYSE:HUBB) Short Interest Down 11.3% in October

Hubbell Incorporated (NYSE:HUBB) saw a significant decrease in short interest in 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 daily volume of 385,000 shares, the short-interest ratio is presently 5.3 days. Approximately 3.9% of the company’s shares are short sold.

Hubbell Stock Performance

Hubbell stock traded down $2.48 during midday trading on Friday, hitting $437.61. 403,882 shares of the company’s stock were exchanged, compared to its average volume of 439,325. The firm’s 50 day simple moving average is $435.08 and its 200 day simple moving average is $399.80. Hubbell has a 12-month low of $287.06 and a 12-month high of $481.35. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $23.49 billion, a price-to-earnings ratio of 31.53, a price-to-earnings-growth ratio of 1.63 and a beta of 0.90.

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

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $1.32 per share. The ex-dividend date is Friday, November 29th. This is an increase from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.21%. Hubbell’s dividend payout ratio (DPR) is currently 35.16%.

Analyst Ratings Changes

Several research analysts have commented on HUBB shares. Mizuho boosted their price target on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Barclays increased their price target on shares of Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. Stephens reaffirmed an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research report on Friday, August 2nd. Finally, Wells Fargo & Company boosted their price target on shares of Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $445.56.

Insiders Place Their Bets

In other Hubbell news, insider Mark Eugene Mikes sold 1,144 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $466.20, for a total value of $533,332.80. Following the completion of the transaction, the insider now owns 2,957 shares in the company, valued at $1,378,553.40. The trade was a 27.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Hubbell

A number of hedge funds and other institutional investors have recently bought and sold shares of HUBB. Mizuho Securities USA LLC lifted its holdings in shares of Hubbell by 192,421.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 7,980,000 shares of the industrial products company’s stock valued at $3,418,233,000 after buying an additional 7,975,855 shares during the period. International Assets Investment Management LLC lifted its holdings in Hubbell by 42,735.0% in the third quarter. International Assets Investment Management LLC now owns 1,919,865 shares of the industrial products company’s stock valued at $8,223,740,000 after acquiring an additional 1,915,383 shares during the period. Impax Asset Management Group plc boosted its position in shares of Hubbell by 53.8% during the 2nd quarter. Impax Asset Management Group plc now owns 922,801 shares of the industrial products company’s stock worth $336,984,000 after purchasing an additional 322,728 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Hubbell by 16.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,035,596 shares of the industrial products company’s stock worth $743,970,000 after purchasing an additional 291,850 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Hubbell by 16.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,980,456 shares of the industrial products company’s stock valued at $821,989,000 after purchasing an additional 286,134 shares in the last quarter. 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.