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

Hubbell Incorporated (NYSE:HUBB) declared a quarterly dividend on Monday, October 28th, 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 annualized dividend and a yield of 1.17%. 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 raised its dividend payment by an average of 7.3% per year over the last three years and has increased its dividend annually for the last 16 consecutive years. Hubbell has a dividend payout ratio of 27.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Hubbell to earn $17.75 per share next year, which means the company should continue to be able to cover its $4.88 annual dividend with an expected future payout ratio of 27.5%.

Hubbell Stock Performance

Shares of HUBB traded up $5.15 during mid-day trading on Monday, hitting $449.67. The stock had a trading volume of 598,683 shares, compared to its average volume of 441,317. The firm has a market cap of $24.14 billion, a P/E ratio of 33.74, a PEG ratio of 1.66 and a beta of 0.90. The business has a fifty day moving average price of $415.95 and a 200-day moving average price of $394.58. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13. Hubbell has a 52 week low of $248.37 and a 52 week high of $461.77.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the company earned $4.07 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts expect that Hubbell will post 16.43 EPS for the current year.

Insider Buying and Selling

In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the transaction, the chief executive officer now owns 66,415 shares in the company, valued at $24,861,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and raised their price objective for the company 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 report on Friday, August 2nd. Wells Fargo & Company lifted their price target on Hubbell from $400.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays boosted their price target on Hubbell from $368.00 to $400.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Mizuho boosted their price target on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Hubbell currently has an average rating of “Moderate Buy” and a consensus price target of $428.13.

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.