Hubbell (NYSE:HUBB) Releases FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 16.350-16.550 for the period, compared to the consensus earnings per share estimate of 16.430. The company issued revenue guidance of $5.7 billion-$5.7 billion, compared to the consensus revenue estimate of $5.8 billion. Hubbell also updated its FY24 guidance to $16.35-16.55 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays raised their price target on shares of Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and increased their price objective for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. lowered Hubbell from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $385.00 to $454.00 in a research report on Thursday, October 10th. Wells Fargo & Company raised their target price on Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Stephens reiterated an “overweight” rating and set a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Hubbell has a consensus rating of “Moderate Buy” and an average price target of $434.38.

Hubbell Stock Down 0.3 %

Shares of HUBB traded down $1.28 during mid-day trading on Friday, reaching $425.75. The company’s stock had a trading volume of 235,514 shares, compared to its average volume of 441,301. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.66 and a quick ratio of 1.13. Hubbell has a 12-month low of $274.42 and a 12-month high of $461.77. The stock has a market cap of $22.85 billion, a PE ratio of 30.67, a price-to-earnings-growth ratio of 1.60 and a beta of 0.90. The company’s 50 day moving average is $420.91 and its 200 day moving average is $395.63.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.33% and a return on equity of 28.81%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.95 earnings per share. Equities analysts anticipate that Hubbell will post 16.47 EPS for the current fiscal year.

Hubbell Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.32 dividend. The ex-dividend date is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a yield of 1.24%. Hubbell’s payout ratio is 38.04%.

Insiders Place Their Bets

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

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.