Hubbell Incorporated (NYSE:HUBB) Plans $1.32 Quarterly Dividend

Hubbell Incorporated (NYSE:HUBB - Get Free Report) declared a quarterly dividend on Monday, April 28th, Wall Street Journal reports. Stockholders of record on Friday, May 30th will be paid a dividend of 1.32 per share by the industrial products company on Monday, June 16th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, May 30th.

Hubbell has increased its dividend by an average of 7.7% per year over the last three years and has raised its dividend annually for the last 17 consecutive years. Hubbell has a dividend payout ratio of 27.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hubbell to earn $18.96 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 27.8%.

Hubbell Trading Up 3.7 %

HUBB stock traded up $12.56 during midday trading on Friday, hitting $355.68. 1,047,052 shares of the company's stock were exchanged, compared to its average volume of 520,610. Hubbell has a one year low of $299.43 and a one year high of $481.35. The stock's fifty day moving average price is $344.27 and its 200-day moving average price is $402.81. The company has a market cap of $19.09 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.34 and a beta of 0.95. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.64.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $3.50 earnings per share for the quarter, missing the consensus estimate of $3.73 by ($0.23). The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.39 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.60 EPS. Research analysts predict that Hubbell will post 17.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Alyssa R. Flynn sold 1,164 shares of Hubbell stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $389.06, for a total value of $452,865.84. Following the completion of the transaction, the insider now owns 4,327 shares of the company's stock, valued at $1,683,462.62. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on HUBB shares. StockNews.com downgraded Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, April 11th. Barclays dropped their target price on Hubbell from $422.00 to $400.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their price target on Hubbell from $430.00 to $352.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price target on shares of Hubbell from $455.00 to $450.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $449.38.

Hubbell announced that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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.