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 16.000-16.500 for the period, compared to the consensus EPS estimate of 16.420. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Hubbell also updated its FY24 guidance to $16.00-16.50 EPS.

Hubbell Stock Up 0.1 %

HUBB traded up $0.22 on Thursday, reaching $373.52. The company’s stock had a trading volume of 453,289 shares, compared to its average volume of 427,387. The stock has a market cap of $20.03 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. Hubbell has a 1 year low of $248.37 and a 1 year high of $429.61. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.66 and a quick ratio of 1.01. The business’s 50 day moving average is $397.61 and its 200 day moving average is $344.52.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the business posted $3.61 earnings per share. Hubbell’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, research analysts forecast that Hubbell will post 16.4 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be paid a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, May 30th. Hubbell’s payout ratio is currently 36.39%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays cut their price objective on Hubbell from $400.00 to $384.00 and set an equal weight rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft started coverage on Hubbell in a research note on Monday, March 11th. They set a hold rating and a $427.00 price objective on the stock. Mizuho increased their price target on Hubbell from $370.00 to $450.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Wells Fargo & Company dropped their price target on Hubbell from $435.00 to $397.00 and set an equal weight rating on the stock in a research report on Wednesday. Finally, StockNews.com lowered Hubbell from a buy rating to a hold rating in a report on Friday, February 2nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Hubbell currently has a consensus rating of Moderate Buy and a consensus target price of $386.57.

Insider Buying and Selling at Hubbell

In other Hubbell news, VP Nero Jonathan M. Del sold 1,098 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $352.74, for a total transaction of $387,308.52. Following the completion of the transaction, the vice president now directly owns 3,646 shares of the company’s stock, valued at approximately $1,286,090.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Mark Eugene Mikes sold 397 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $363.45, for a total transaction of $144,289.65. Following the completion of the sale, the insider now directly owns 4,899 shares of the company’s stock, valued at approximately $1,780,541.55. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Nero Jonathan M. Del sold 1,098 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $352.74, for a total value of $387,308.52. Following the sale, the vice president now directly owns 3,646 shares of the company’s stock, valued at $1,286,090.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,125 shares of company stock valued at $12,065,100. 0.66% of the stock is owned by corporate insiders.

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.