Hubbell (NYSE:HUBB) Announces Earnings Results

Hubbell (NYSE:HUBB) posted its earnings results on Tuesday. The industrial products company reported $4.49 EPS for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02, Briefing.com reports. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the business earned $3.95 earnings per share. Hubbell’s quarterly revenue was up 4.9% compared to the same quarter last year. Hubbell updated its FY24 guidance to $16.35-16.55 EPS and its FY 2024 guidance to 16.350-16.550 EPS.

Hubbell Stock Down 0.3 %

Shares of HUBB stock traded down $1.28 during mid-day trading on Wednesday, reaching $438.84. 127,306 shares of the company were exchanged, compared to its average volume of 440,831. Hubbell has a fifty-two week low of $248.37 and a fifty-two week high of $461.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. The company has a market capitalization of $23.56 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.66 and a beta of 0.90. The business’s 50 day simple moving average is $418.82 and its 200 day simple moving average is $395.15.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.20%. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Insider Transactions at Hubbell

In other news, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction on Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the transaction, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares in the company, valued at $608,781.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

HUBB has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price target on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a report on Wednesday. Stephens reissued an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and boosted their price target for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Barclays boosted their price target on Hubbell from $368.00 to $400.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley began coverage on Hubbell in a research note on Friday, September 6th. They issued an “equal weight” rating and a $407.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $429.38.

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.