Hubbell (NYSE:HUBB) Updates FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 16.350-16.550 for the period, compared to the consensus earnings per share estimate of 16.430. The company issued revenue guidance of $5.7 billion-$5.7 billion, compared to the consensus revenue estimate of $5.8 billion. Hubbell also updated its FY24 guidance to $16.35-16.55 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays raised their price objective on Hubbell from $368.00 to $400.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Morgan Stanley assumed coverage on Hubbell in a report on Friday, September 6th. They set an “equal weight” rating and a $407.00 price target on the stock. Mizuho raised their price target on Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft raised Hubbell from a “hold” rating to a “buy” rating and raised their price target for the company from $431.00 to $441.00 in a report on Friday, September 6th. Finally, Wells Fargo & Company raised their price target on Hubbell from $400.00 to $445.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $428.13.

Hubbell Trading Down 1.6 %

HUBB traded down $7.22 during trading on Tuesday, reaching $442.45. The company had a trading volume of 490,147 shares, compared to its average volume of 441,550. The firm’s 50-day simple moving average is $417.43 and its 200 day simple moving average is $394.88. The company has a market cap of $23.75 billion, a price-to-earnings ratio of 33.07, a PEG ratio of 1.66 and a beta of 0.90. 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.

Hubbell (NYSE:HUBB) last issued its quarterly earnings results 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. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. Hubbell’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business posted $4.07 EPS. Equities research analysts anticipate that Hubbell will post 16.43 earnings per share for the current 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 given a dividend of $1.32 per share. The ex-dividend date is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. This represents a $5.28 dividend on an annualized basis and a yield of 1.19%. Hubbell’s dividend payout ratio (DPR) is presently 36.39%.

Insiders Place Their Bets

In other Hubbell news, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction dated 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 directly owns 1,670 shares in the company, valued at approximately $608,781.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Gerben Bakker sold 15,677 shares of the business’s 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 sale, the chief executive officer now directly owns 66,415 shares in the company, valued at approximately $24,861,791.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carlos M. Cardoso sold 450 shares of the business’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 value of $164,043.00. Following the completion of the sale, the director now owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.