Hubbell Inc (HUBB) Plans Quarterly Dividend of $0.77
Hubbell Inc (NYSE:HUBB) declared a quarterly dividend on Monday, October 23rd, Wall Street Journal reports. Shareholders of record on Thursday, November 30th will be paid a dividend of 0.77 per share by the industrial products company on Friday, December 15th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $0.70.
Hubbell has a payout ratio of 51.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hubbell to earn $6.18 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 45.3%.
Shares of Hubbell (NYSE HUBB) traded down 1.42% during trading on Monday, hitting $121.32. 483,697 shares of the company’s stock were exchanged. Hubbell has a 1-year low of $101.61 and a 1-year high of $125.93. The firm has a market capitalization of $6.64 billion, a PE ratio of 23.02 and a beta of 1.04. The stock’s 50 day moving average is $115.52 and its 200 day moving average is $115.48.
Hubbell (NYSE:HUBB) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. The firm had revenue of $948.30 million for the quarter, compared to analyst estimates of $937.35 million. Hubbell had a net margin of 8.23% and a return on equity of 19.77%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.53 EPS. On average, equities research analysts forecast that Hubbell will post $5.48 earnings per share for the current year.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Hubbell from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Morgan Stanley reiterated an “overweight” rating and issued a $132.00 price objective (up previously from $130.00) on shares of Hubbell in a research note on Monday, October 2nd. Wolfe Research assumed coverage on shares of Hubbell in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, BidaskClub upgraded shares of Hubbell from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $124.00.
Hubbell declared that its board has authorized a stock buyback plan on Friday, October 20th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company’s segments include Electrical and the Power. The Electrical segment consists of businesses that sell stock and custom products, including standard and special application wiring device products, rough-in electrical products, lighting fixtures and controls, components and assemblies for the natural gas distribution market, as well as other electrical equipment.
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