Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $16.35-16.55 for the period, compared to the consensus 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 Upgrades and Downgrades

Several research firms recently weighed in on HUBB. Barclays increased their target price on Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Mizuho raised their price objective on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Stephens restated an “overweight” rating and issued a $450.00 price objective on shares of Hubbell in a report on Friday, August 2nd. JPMorgan Chase & Co. downgraded Hubbell from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $385.00 to $454.00 in a report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded Hubbell from a “hold” rating to a “buy” rating and raised their price objective for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $434.38.

Hubbell Stock Down 1.3 %

Shares of HUBB stock traded down $5.63 during trading hours on Friday, reaching $421.40. The company had a trading volume of 84,619 shares, compared to its average volume of 440,798. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 1.66. Hubbell has a twelve month low of $274.42 and a twelve month high of $461.77. The company has a market capitalization of $22.62 billion, a P/E ratio of 30.75, a price-to-earnings-growth ratio of 1.60 and a beta of 0.90. The stock’s fifty day simple moving average is $420.91 and its 200 day simple moving average is $395.63.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data 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 return on equity of 28.81% and a net margin of 13.33%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm earned $3.95 EPS. Hubbell’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Hubbell will post 16.47 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is 35.16%.

Insider Buying and Selling at Hubbell

In other Hubbell news, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 owns 1,670 shares in the company, valued at $608,781.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Gerben Bakker sold 15,677 shares of Hubbell 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 owns 66,415 shares in the company, valued at approximately $24,861,791.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the transaction, the director now owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by 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.