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

Hubbell (NYSE:HUBB) announced its earnings results 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 firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.85 billion. Hubbell had a net margin of 14.49% and a return on equity of 27.11%. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the prior year, the firm earned $5.17 EPS.

Hubbell Stock Down 4.7%

Shares of NYSE:HUBB opened at $437.98 on Tuesday. The company has a market capitalization of $23.14 billion, a PE ratio of 25.93, a P/E/G ratio of 2.23 and a beta of 0.85. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 1.22. Hubbell has a twelve month low of $403.82 and a twelve month high of $565.50. The firm has a 50 day simple moving average of $463.32 and a 200-day simple moving average of $488.50.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a dividend of $1.52 per share. The ex-dividend date of this dividend is Monday, November 30th. This is an increase 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 33.63%.

Insider Transactions at Hubbell

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

Analyst Ratings Changes

Several brokerages have commented on HUBB. Weiss Ratings raised shares of Hubbell from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Evercore reaffirmed an “outperform” rating and set a $630.00 price objective on shares of Hubbell in a research report on Friday, October 9th. Seaport Research Partners reaffirmed a “buy” rating and issued a $580.00 price target on shares of Hubbell in a research report on Wednesday, September 30th. JPMorgan Chase & Co. assumed coverage on shares of Hubbell in a research note on Tuesday, October 20th. They issued a “neutral” rating and a $485.00 price target for the company. Finally, Mizuho cut their price target on Hubbell from $575.00 to $560.00 and set an “outperform” rating on the stock in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $552.67.

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.