Hubbell (NYSE:HUBB) Issues FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Hubbell Stock Down 2.2 %

Shares of Hubbell stock traded down $9.72 on Tuesday, hitting $439.95. 318,648 shares of the company’s stock traded hands, compared to its average volume of 440,729. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average is $417.43 and its 200 day moving average is $394.88. The stock has a market cap of $23.62 billion, a P/E ratio of 33.07, a PEG ratio of 1.66 and a beta of 0.90. Hubbell has a 52-week low of $248.37 and a 52-week high of $461.77.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the business earned $4.07 EPS. Equities analysts anticipate that Hubbell will post 16.43 earnings per share for the current year.

Hubbell Increases Dividend

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

Analyst Upgrades and Downgrades

HUBB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. downgraded Hubbell from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Mizuho lifted their price objective on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Barclays increased their target price on shares of Hubbell from $368.00 to $400.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a “hold” rating to a “buy” rating and raised their price target for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. Finally, Stephens reaffirmed an “overweight” rating and set a $450.00 price objective on shares of Hubbell in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Hubbell presently has an average rating of “Moderate Buy” and a consensus target price of $428.13.

Insider Buying and Selling at Hubbell

In related news, CEO Gerben Bakker sold 15,677 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents 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 the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the stock in a transaction dated 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 transaction, the director now owns 1,670 shares of the company’s stock, valued at $608,781.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

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.