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 EPS guidance of 16.200-16.500 for the period, compared to the consensus EPS estimate of 16.320. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.9 billion. Hubbell also updated its FY24 guidance to $16.20-16.50 EPS.

Hubbell Stock Up 4.2 %

Shares of HUBB traded up $15.85 during mid-day trading on Wednesday, reaching $395.65. The company had a trading volume of 858,229 shares, compared to its average volume of 466,749. Hubbell has a 52 week low of $248.37 and a 52 week high of $429.61. The company has a market capitalization of $21.24 billion, a price-to-earnings ratio of 29.50, a price-to-earnings-growth ratio of 1.36 and a beta of 0.90. The firm has a 50-day moving average price of $378.00 and a 200 day moving average price of $380.10. 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 announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business earned $4.07 EPS. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, sell-side analysts forecast that Hubbell will post 16.33 EPS for the current year.

Hubbell Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $1.22 per share. The ex-dividend date is Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a yield of 1.23%. Hubbell’s dividend payout ratio is presently 36.39%.

Analysts Set New Price Targets

HUBB has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Hubbell from $383.00 to $385.00 and gave the company an overweight rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Hubbell from $397.00 to $400.00 and gave the company an equal weight rating in a research note on Wednesday. Finally, Barclays decreased their target price on shares of Hubbell from $384.00 to $368.00 and set an equal weight rating for the company in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $391.86.

Insider Transactions at Hubbell

In other news, insider Mark Eugene Mikes sold 1,942 shares of the company’s 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 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 at the SEC website. In related news, Director Neal J. Keating acquired 500 shares of Hubbell stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $378.77 per share, for a total transaction of $189,385.00. Following the purchase, the director now directly owns 8,571 shares of the company’s stock, valued at approximately $3,246,437.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Eugene Mikes sold 1,942 shares of the company’s 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 owns 3,436 shares of the company’s stock, valued at $1,379,004.24. The disclosure for this sale can be found here. Insiders sold 3,055 shares of company stock worth $1,232,139 in the last three months. 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.