Hubbell (NYSE:HUBB) Updates FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $16.20-16.50 for the period, compared to the consensus estimate of $16.31. The company issued revenue guidance of $5.75-5.80 billion, compared to the consensus revenue estimate of $5.86 billion. Hubbell also updated its FY 2024 guidance to 16.200-16.500 EPS.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price objective on Hubbell from $435.00 to $397.00 and set an equal weight rating for the company in a research report on Wednesday, May 1st. Barclays dropped their price target on Hubbell from $400.00 to $384.00 and set an equal weight rating on the stock in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $386.57.

Hubbell Trading Up 0.0 %

Shares of Hubbell stock opened at $367.15 on Tuesday. The stock has a market capitalization of $19.71 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 1.36 and a beta of 0.90. Hubbell has a 52 week low of $248.37 and a 52 week high of $429.61. The stock has a 50 day moving average price of $378.59 and a two-hundred day moving average price of $379.62. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.66.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.13. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. Hubbell’s revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.07 EPS. As a group, equities analysts anticipate that Hubbell will post 16.33 earnings per share for the current fiscal year.

Hubbell Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Friday, August 30th. Hubbell’s payout ratio is presently 36.39%.

Insider Buying and Selling

In other Hubbell news, insider Mark Eugene Mikes sold 1,942 shares of Hubbell stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $401.34, for a total transaction of $779,402.28. Following the completion of the transaction, the insider now owns 3,436 shares in the company, valued at approximately $1,379,004.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Mark Eugene Mikes sold 1,942 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $401.34, for a total value of $779,402.28. Following the completion of the sale, the insider now directly owns 3,436 shares of the company’s stock, valued at approximately $1,379,004.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alyssa R. Flynn sold 1,106 shares of Hubbell stock in a transaction on Friday, May 10th. The stock was sold at an average price of $406.79, for a total transaction of $449,909.74. Following the transaction, the insider now directly owns 4,234 shares in the company, valued at $1,722,348.86. The disclosure for this sale can be found here. Insiders have sold 3,055 shares of company stock worth $1,232,139 in the last quarter. 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.