Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $16.35-16.55 for the period, compared to the consensus EPS estimate of $16.43. The company issued revenue guidance of $5.695 billion, compared to the consensus revenue estimate of $5.77 billion. Hubbell also updated its FY 2024 guidance to 16.350-16.550 EPS.

Analyst Ratings Changes

HUBB has been the subject of a number of analyst reports. Barclays increased their target price on Hubbell from $368.00 to $400.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. 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. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and upped their price target for the stock from $431.00 to $441.00 in a research note on Friday, September 6th. Morgan Stanley began coverage on shares of Hubbell in a research note on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price objective for the company. Finally, Mizuho upped their target price on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Hubbell has an average rating of “Moderate Buy” and a consensus target price of $429.38.

Hubbell Trading Down 1.3 %

Shares of HUBB traded down $5.52 during trading hours on Wednesday, hitting $434.60. The stock had a trading volume of 197,785 shares, compared to its average volume of 441,119. The company’s fifty day simple moving average is $418.82 and its 200 day simple moving average is $395.15. Hubbell has a 12-month low of $248.37 and a 12-month high of $461.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. The firm has a market cap of $23.33 billion, a P/E ratio of 32.72, a P/E/G ratio of 1.66 and a beta of 0.90.

Hubbell (NYSE:HUBB) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $4.49 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.02. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company posted $3.95 earnings per share. Hubbell’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Hubbell will post 16.43 EPS for the current fiscal year.

Hubbell Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.32 dividend. This is an increase from Hubbell’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 annualized dividend and a yield of 1.21%. Hubbell’s dividend payout ratio (DPR) is 36.39%.

Insider Activity

In related news, Director Carlos M. Cardoso sold 450 shares of the firm’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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Carlos M. Cardoso sold 450 shares of the firm’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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

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.