Hubbell (HUBB) Sets New 52-Week High Following Earnings Beat

Hubbell Incorporated (NYSE:HUBB)’s share price reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $142.53 and last traded at $142.41, with a volume of 356451 shares trading hands. The stock had previously closed at $138.03.

The industrial products company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.12. Hubbell had a net margin of 7.96% and a return on equity of 19.69%. The firm had revenue of $917.70 million during the quarter, compared to analyst estimates of $901.23 million. During the same quarter last year, the business posted $1.35 EPS. The company’s revenue was up 7.4% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Tuesday, February 27th. Hubbell’s dividend payout ratio is 59.34%.

Hubbell declared that its board has approved a share repurchase program on Friday, October 20th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

A number of research firms recently commented on HUBB. Zacks Investment Research lowered shares of Hubbell from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Oppenheimer reiterated a “buy” rating and issued a $160.00 target price on shares of Hubbell in a research report on Tuesday. JPMorgan Chase & Co. upgraded shares of Hubbell from a “neutral” rating to an “overweight” rating in a research report on Thursday, January 18th. Wells Fargo & Co reiterated a “buy” rating and issued a $143.00 target price (up previously from $136.00) on shares of Hubbell in a research report on Wednesday, December 20th. Finally, BidaskClub downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $140.40.

Hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC purchased a new stake in Hubbell in the 2nd quarter worth approximately $182,000. Advisors Asset Management Inc. lifted its position in Hubbell by 1,122.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the industrial products company’s stock worth $187,000 after buying an additional 1,481 shares in the last quarter. Oakwood Capital Management LLC CA purchased a new stake in Hubbell in the 4th quarter worth approximately $225,000. Magnetar Financial LLC purchased a new stake in Hubbell in the 3rd quarter worth approximately $221,000. Finally, Fox Run Management L.L.C. purchased a new stake in Hubbell in the 4th quarter worth approximately $271,000. Institutional investors own 85.24% of the company’s stock.

The company has a debt-to-equity ratio of 0.59, a current ratio of 2.28 and a quick ratio of 1.43. The company has a market capitalization of $7,550.24, a PE ratio of 26.19, a PEG ratio of 2.23 and a beta of 1.09.

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About Hubbell

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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