Hubbell Incorporated (NYSE:HUBB) to Issue $1.05 Quarterly Dividend

Hubbell Incorporated (NYSE:HUBBGet Rating) declared a quarterly dividend on Monday, April 25th, Wall Street Journal reports. Investors of record on Tuesday, May 31st will be given a dividend of 1.05 per share by the industrial products company on Wednesday, June 15th. This represents a $4.20 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, May 27th.

Hubbell has raised its dividend payment by an average of 8.2% annually over the last three years and has raised its dividend every year for the last 15 years. Hubbell has a payout ratio of 41.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hubbell to earn $10.06 per share next year, which means the company should continue to be able to cover its $4.20 annual dividend with an expected future payout ratio of 41.7%.

Hubbell stock traded down $2.40 during midday trading on Monday, hitting $189.34. 521,560 shares of the stock were exchanged, compared to its average volume of 347,970. Hubbell has a 52-week low of $170.76 and a 52-week high of $212.54. The stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth ratio of 2.14 and a beta of 1.26. The business’s 50-day moving average price is $183.58 and its 200-day moving average price is $193.47. The company has a quick ratio of 1.14, a current ratio of 1.76 and a debt-to-equity ratio of 0.64.

Hubbell (NYSE:HUBBGet Rating) last released its earnings results on Thursday, February 3rd. The industrial products company reported $2.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.02). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Hubbell had a net margin of 8.72% and a return on equity of 21.21%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.76 earnings per share. On average, sell-side analysts predict that Hubbell will post 9.07 earnings per share for the current fiscal year.

In other Hubbell news, CFO William R. Sperry sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 10th. The shares were sold at an average price of $188.70, for a total value of $1,887,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gerben Bakker sold 1,148 shares of the business’s stock in a transaction that occurred on Friday, February 11th. The stock was sold at an average price of $186.37, for a total transaction of $213,952.76. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Stifel Financial Corp boosted its stake in shares of Hubbell by 0.8% in the 4th quarter. Stifel Financial Corp now owns 25,299 shares of the industrial products company’s stock valued at $5,268,000 after purchasing an additional 193 shares in the last quarter. Zullo Investment Group Inc. purchased a new stake in shares of Hubbell in the 4th quarter valued at $41,000. MML Investors Services LLC boosted its stake in shares of Hubbell by 4.2% in the 4th quarter. MML Investors Services LLC now owns 5,386 shares of the industrial products company’s stock valued at $1,122,000 after purchasing an additional 218 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in Hubbell during the 4th quarter valued at $133,000. Finally, Metropolitan Life Insurance Co NY boosted its position in Hubbell by 10.0% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 9,731 shares of the industrial products company’s stock valued at $2,027,000 after buying an additional 884 shares during the period. 84.71% of the stock is owned by institutional investors.

Several analysts have recently issued reports on HUBB shares. Mizuho lowered their price target on shares of Hubbell from $240.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, February 7th. StockNews.com raised shares of Hubbell from a “hold” rating to a “buy” rating in a research report on Tuesday, April 19th. Zacks Investment Research raised shares of Hubbell from a “sell” rating to a “hold” rating in a research report on Tuesday, February 15th. Finally, Morgan Stanley boosted their price target on shares of Hubbell from $198.00 to $200.00 and gave the company an “equal weight” rating in a research report on Thursday, April 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $205.00.

Hubbell Company Profile (Get Rating)

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and electronic products in the United States and internationally. It operates through two segments, Electrical Solution and Utility Solution. 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 for the natural gas distribution market.

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Dividend History for Hubbell (NYSE:HUBB)

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