Share Repurchase Program Authorized by Hubbell (NYSE:HUBB) Board of Directors

Hubbell (NYSE:HUBB - Get Free Report) announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 12th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

Hubbell Trading Down 0.8 %

HUBB traded down $3.30 during trading on Friday, hitting $389.93. The company's stock had a trading volume of 655,543 shares, compared to its average volume of 676,539. The stock's fifty day moving average price is $426.51 and its 200-day moving average price is $423.46. Hubbell has a twelve month low of $346.13 and a twelve month high of $481.35. The firm has a market capitalization of $20.93 billion, a P/E ratio of 27.15, a PEG ratio of 1.36 and a beta of 0.92. The company has a quick ratio of 1.05, a current ratio of 1.64 and a debt-to-equity ratio of 0.44.

Hubbell (NYSE:HUBB - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $4.10 earnings per share for the quarter, beating analysts' consensus estimates of $4.02 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.41 billion. Hubbell had a net margin of 13.82% and a return on equity of 28.62%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the firm earned $3.69 earnings per share. Analysts anticipate that Hubbell will post 17.63 EPS for the current year.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Friday, February 28th. Hubbell's dividend payout ratio is currently 36.77%.

Analyst Upgrades and Downgrades

Several analysts have commented on HUBB shares. StockNews.com downgraded shares of Hubbell from a "buy" rating to a "hold" rating in a report on Tuesday, January 28th. Morgan Stanley lifted their price target on Hubbell from $407.00 to $445.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. Wells Fargo & Company dropped their price target on Hubbell from $455.00 to $450.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 7th. Barclays lifted their price objective on shares of Hubbell from $402.00 to $475.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft downgraded Hubbell from a "buy" rating to a "hold" rating and lowered their target price for the company from $493.00 to $473.00 in a research report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $471.50.

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.