Hubbell (NYSE:HUBB) Shares Gap Up Following Better-Than-Expected Earnings

Hubbell Incorporated (NYSE:HUBB) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $366.89, but opened at $378.76. Hubbell shares last traded at $380.06, with a volume of 79,297 shares changing hands.

The industrial products company reported $4.37 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the business earned $4.07 earnings per share. The company’s revenue was up 6.3% on a year-over-year basis.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.28%. The ex-dividend date is Friday, August 30th. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Wall Street Analyst Weigh In

HUBB has been the topic of several research reports. Barclays dropped their price target on shares of Hubbell from $400.00 to $384.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Wells Fargo & Company dropped their price target on shares of Hubbell from $435.00 to $397.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $386.57.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Alyssa R. Flynn sold 1,106 shares of Hubbell stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $406.79, for a total transaction of $449,909.74. Following the transaction, the insider now owns 4,234 shares of the company’s stock, valued at approximately $1,722,348.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Neal J. Keating purchased 500 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average price of $378.77 per share, with a total value of $189,385.00. Following the purchase, the director now owns 8,571 shares in the company, valued at approximately $3,246,437.67. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alyssa R. Flynn sold 1,106 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $406.79, for a total value of $449,909.74. Following the sale, the insider now directly owns 4,234 shares of the company’s stock, valued at approximately $1,722,348.86. The disclosure for this sale can be found here. Insiders have sold a total of 3,055 shares of company stock valued at $1,232,139 in the last 90 days. 0.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Raymond James & Associates raised its stake in Hubbell by 8.1% during the 4th quarter. Raymond James & Associates now owns 51,069 shares of the industrial products company’s stock valued at $16,798,000 after purchasing an additional 3,815 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Hubbell by 117.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 20,456 shares of the industrial products company’s stock valued at $6,729,000 after purchasing an additional 11,046 shares during the last quarter. Blue Trust Inc. raised its stake in Hubbell by 43.2% during the 4th quarter. Blue Trust Inc. now owns 424 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 128 shares during the last quarter. PFG Advisors acquired a new position in Hubbell during the 4th quarter valued at $1,108,000. Finally, Fifth Third Bancorp raised its stake in Hubbell by 2.6% during the 4th quarter. Fifth Third Bancorp now owns 8,819 shares of the industrial products company’s stock valued at $2,901,000 after purchasing an additional 223 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors and hedge funds.

Hubbell Trading Up 3.6 %

The stock has a market capitalization of $20.41 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 1.36 and a beta of 0.90. The company’s 50 day moving average is $378.59 and its 200 day moving average is $379.62. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.66.

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.