Hubbell Shares Rise on Raised Payout, $300 Million Buyback

Hubbell was higher after the electrical and utility product maker raised its dividend 8% and approved a $300 million share buyback.
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Hubbell  (HUBB) - Get Report was higher after the electrical and utility product maker raised its dividend 8% and approved a $300 million share buyback.

The stock of the Shelton, Conn., company at last check was 1% higher at $151.14. It's trading close to its 52-week high of $155, set in early February. In the past 30 days, the stock has risen 12%. 

The new quarterly dividend, 98 cents a share up from 91 cents, is payable Dec. 15 to holders of record Nov. 30.

The board authorized the company to buy as much as $300 million of stock through October 2023.

The company is scheduled to report third-quarter results on Oct. 27.

A survey of analysts by FactSet produced consensus estimates of net income of $1.79 a share, or an adjusted $2.03, on revenue of $1.09 billion.

For the second quarter Hubbell earned an adjusted $1.87 a share, beating the estimate of $1.60 a share.

Last month Hubbell appointed Gerben W. Bakker president and chief executive, succeeding David G. Nord, who retired.

Bakker had been president and chief operating officer of Hubbell since June 2019. Before that, he'd been president of the power-systems group since 2014.