Hubbell Incorporated (NYSE:HUBB) Increases Dividend to $1.32 Per Share

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

Hubbell has increased its dividend by an average of 7.3% annually over the last three years and has increased its dividend every year for the last 17 years. Hubbell has a payout ratio of 29.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of HUBB stock opened at $460.74 on Wednesday. The stock has a 50 day moving average price of $443.30 and a 200 day moving average price of $403.08. Hubbell has a 52-week low of $293.91 and a 52-week 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 firm has a market capitalization of $24.73 billion, a P/E ratio of 33.18, a P/E/G ratio of 1.73 and a beta of 0.90.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.02. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.81% and a net margin of 13.33%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.95 EPS. As a group, sell-side analysts predict that Hubbell will post 16.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on HUBB. Barclays raised their target price on shares of Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on shares of Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lowered Hubbell from a “buy” rating to a “hold” rating and lowered their target price for the stock from $493.00 to $473.00 in a report on Tuesday. Morgan Stanley lifted their price target on Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Sanford C. Bernstein began coverage on Hubbell in a research note on Tuesday, November 5th. They set an “outperform” rating and a $535.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $449.11.

Insider Buying and Selling

In related news, insider Mark Eugene Mikes sold 1,144 shares of the stock in a transaction that occurred 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 directly owns 2,957 shares of the company’s stock, valued at $1,378,553.40. This trade represents a 27.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.78% of the stock is owned by company insiders.

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.