Hubbell boosts dividend nearly 8 percent

SHELTON, Conn. (AP) -- Hubbell Inc. on Friday said its board raised the company's dividend by nearly 8 percent.

The quarterly payout will increase 3 cents to 41 cents per share. The new dividend amounts to $1.64 per share annually, up from $1.52. The quarterly dividend will be paid on April 11 to shareholders of record as of March 5.

Shares of Hubbell fell 58 cents to $74.64 in afternoon trading.

The company, based in Shelton, Conn., makes electrical and electronic products for construction, industrial and utility applications.