Hubbell (NYSE:HUBB) Issues Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Key Points

• Hubbell beat quarterly estimates: Earnings per share came in at $5.91, $0.16 above expectations, while revenue reached $1.87 billion versus the $1.85 billion consensus. Revenue increased 24.6% year over year.
• The stock declined 4.7%: Shares opened at $437.98, below their 50-day and 200-day moving averages, with a 52-week range of $403.82 to $565.50.
• Hubbell raised its quarterly dividend to $1.52 from $1.42, equating to an annualized payout of $6.08 and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $552.67.

Hubbell (NYSE:HUBB - Get Free Report) issued its quarterly earnings data on Tuesday. The industrial products company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $5.75 by $0.16, Zacks reports. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.85 billion. Hubbell had a return on equity of 27.11% and a net margin of 14.49%. The firm's revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.17 earnings per share.

Hubbell Stock Down 4.7%

NYSE:HUBB opened at $437.98 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.61 and a debt-to-equity ratio of 1.22. The stock's fifty day moving average is $463.32 and its two-hundred day moving average is $488.50. Hubbell has a 52 week low of $403.82 and a 52 week high of $565.50. The stock has a market capitalization of $23.14 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 2.23 and a beta of 0.85.

Hubbell Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be given a $1.52 dividend. The ex-dividend date of this dividend is Monday, November 30th. This is a positive change from Hubbell's previous quarterly dividend of $1.42. This represents a $6.08 dividend on an annualized basis and a yield of 1.4%. Hubbell's dividend payout ratio is presently 33.63%.

Analyst Upgrades and Downgrades

HUBB has been the topic of several recent analyst reports. Wells Fargo & Company assumed coverage on Hubbell in a research note on Thursday, September 24th. They issued an "equal weight" rating and a $531.00 price target on the stock. Weiss Ratings raised Hubbell from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. JPMorgan Chase & Co. initiated coverage on Hubbell in a research report on Tuesday, October 20th. They set a "neutral" rating and a $485.00 price objective for the company. Robert W. Baird assumed coverage on shares of Hubbell in a report on Thursday, August 20th. They issued an "outperform" rating and a $550.00 price objective on the stock. Finally, Morgan Stanley set a $600.00 target price on shares of Hubbell in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Hubbell has an average rating of "Moderate Buy" and a consensus target price of $552.67.

Insider Activity at Hubbell

In other news, VP Jonathan Del Nero sold 547 shares of Hubbell stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $518.56, for a total value of $283,652.32. Following the completion of the sale, the vice president directly owned 2,933 shares of the company's stock, valued at approximately $1,520,936.48. The trade was a 15.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.

About Hubbell

Hubbell Incorporated NYSE: HUBB is an electrical products manufacturer that develops and supplies products used in utility, commercial, industrial, and telecommunications applications. Founded in 1888 by Harvey Hubbell, the company has built a portfolio focused on improving the reliability, safety, and efficiency of electrical systems.

Hubbell's Utility Solutions products support the generation, transmission, distribution, and control of electricity. Its offerings include electrical connectors and fittings, insulators, arresters, transmission and distribution hardware, communications infrastructure products, and equipment used in underground and overhead utility networks.

Its Electrical Solutions business serves commercial and industrial customers with wiring devices, electrical enclosures, grounding and bonding products, cable management systems, lighting-related products, and solutions designed for harsh, hazardous, and demanding operating environments.

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