Hubbell Incorporated (NYSE:HUBB) Announces Dividend Increase – $1.32 Per Share

Hubbell Incorporated (NYSE:HUBB) announced a quarterly dividend on Friday, October 25th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be paid a dividend of 1.32 per share by the industrial products company on Monday, December 16th. This represents a $5.28 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22.

Hubbell has increased its dividend payment by an average of 7.3% per year over the last three years and has raised its dividend every year for the last 17 years. Hubbell has a dividend payout ratio of 29.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hubbell to earn $17.72 per share next year, which means the company should continue to be able to cover its $5.28 annual dividend with an expected future payout ratio of 29.8%.

Hubbell Trading Down 0.4 %

Shares of HUBB stock opened at $458.81 on Thursday. The stock has a market cap of $24.62 billion, a P/E ratio of 33.06, a price-to-earnings-growth ratio of 1.73 and a beta of 0.90. The stock has a 50 day simple moving average of $444.28 and a 200 day simple moving average of $403.47. Hubbell has a 1 year low of $293.91 and a 1 year high of $481.35. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.51.

Hubbell (NYSE:HUBB) last posted its earnings results 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. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the company earned $3.95 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. On average, research analysts predict that Hubbell will post 16.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Hubbell

In other news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $466.20, for a total transaction of $533,332.80. Following the transaction, the insider now directly owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This represents a 27.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.78% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on HUBB shares. Wells Fargo & Company boosted their target price 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. Stephens reaffirmed an “overweight” rating and set a $450.00 price objective on shares of Hubbell in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered Hubbell from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Morgan Stanley lifted their price objective on shares of Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, Mizuho increased their price target on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Hubbell presently has an average rating of “Moderate Buy” and a consensus price target of $449.11.

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.