Hubbell (NYSE:HUBB) Updates FY24 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $16.35-16.55 for the period, compared to the consensus earnings per share 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.

Hubbell Price Performance

NYSE HUBB traded down $4.63 during trading hours on Thursday, hitting $427.03. 447,984 shares of the company’s stock traded hands, compared to its average volume of 442,487. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13. The firm’s 50-day moving average is $419.94 and its 200-day moving average is $395.41. Hubbell has a 52-week low of $248.37 and a 52-week high of $461.77. The company has a market capitalization of $22.93 billion, a PE ratio of 31.69, a PEG ratio of 1.66 and a beta of 0.90.

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

Hubbell Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.32 per share. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, November 29th. Hubbell’s dividend payout ratio (DPR) is currently 36.39%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Morgan Stanley upped their price objective on Hubbell from $407.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Barclays lifted their target price on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a report on Wednesday. Stephens restated an “overweight” rating and set a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $434.38.

Insider Activity at Hubbell

In other news, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 66,415 shares in the company, valued at approximately $24,861,791.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Hubbell news, Director Carlos M. Cardoso sold 450 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the transaction, the chief executive officer now 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 position. The disclosure for this sale can be found here. 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.