Hubbell (NYSE:HUBB) Sees Large Volume Increase on Better-Than-Expected Earnings

Shares of Hubbell Incorporated (NYSE:HUBB) saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 710,100 shares traded hands during mid-day trading, an increase of 73% from the previous session’s volume of 409,551 shares.The stock last traded at $377.27 and had previously closed at $407.19.

The industrial products company reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.06. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.61 EPS.

Hubbell Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Thursday, May 30th. Hubbell’s payout ratio is 36.39%.

Wall Street Analyst Weigh In

HUBB has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on Hubbell from $435.00 to $397.00 and set an “equal weight” rating on the stock in a report on Wednesday. Mizuho increased their target price on Hubbell from $370.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a report on Monday, March 11th. They issued a “hold” rating and a $427.00 target price on the stock. StockNews.com cut Hubbell from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Barclays cut their target price on Hubbell from $400.00 to $384.00 and set an “equal weight” rating on the stock in a report on Thursday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $386.57.

Insider Buying and Selling at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 13,355 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total transaction of $4,716,051.15. Following the transaction, the chief executive officer now directly owns 51,783 shares in the company, valued at approximately $18,286,130.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Gerben Bakker sold 13,355 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total transaction of $4,716,051.15. Following the completion of the sale, the chief executive officer now directly owns 51,783 shares of the company’s stock, valued at approximately $18,286,130.79. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William R. Sperry sold 14,925 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $352.99, for a total value of $5,268,375.75. Following the sale, the chief financial officer now directly owns 37,848 shares of the company’s stock, valued at $13,359,965.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,125 shares of company stock worth $12,065,100. Corporate insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Hubbell

Large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its holdings in Hubbell by 6.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 11,056 shares of the industrial products company’s stock worth $3,465,000 after acquiring an additional 713 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Hubbell by 50.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,630 shares of the industrial products company’s stock worth $2,705,000 after acquiring an additional 2,886 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Hubbell by 24.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 133,195 shares of the industrial products company’s stock worth $41,745,000 after acquiring an additional 26,312 shares during the last quarter. Tectonic Advisors LLC purchased a new stake in Hubbell in the 3rd quarter worth about $286,000. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Hubbell by 8.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 9,410 shares of the industrial products company’s stock worth $2,949,000 after acquiring an additional 711 shares during the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.

Hubbell Trading Down 0.1 %

The firm has a fifty day moving average of $397.61 and a two-hundred day moving average of $344.52. The company has a market cap of $20.00 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. The company has a current ratio of 1.66, a quick ratio of 1.01 and a debt-to-equity ratio of 0.64.

Hubbell Company Profile

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.