Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $16.00-16.50 for the period, compared to the consensus estimate of $16.43. The company issued revenue guidance of +8-10% yr/yr to ~$5.80-5.91 billion, compared to the consensus revenue estimate of $5.87 billion. Hubbell also updated its FY 2024 guidance to 16.000-16.500 EPS.

Hubbell Trading Down 0.3 %

HUBB traded down $0.97 on Thursday, hitting $372.33. The company had a trading volume of 307,043 shares, compared to its average volume of 425,856. Hubbell has a 12-month low of $248.37 and a 12-month high of $429.61. The company has a quick ratio of 1.01, a current ratio of 1.66 and a debt-to-equity ratio of 0.64. The business’s fifty day simple moving average is $397.61 and its 200 day simple moving average is $344.52. The company has a market cap of $19.97 billion, a PE ratio of 27.84, a PEG ratio of 2.26 and a beta of 0.96.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 EPS for the quarter, topping 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 analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the business earned $3.61 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts expect that Hubbell will post 16.4 EPS for the current year.

Hubbell Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on HUBB shares. Barclays lifted their price target on shares of Hubbell from $340.00 to $400.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. Deutsche Bank Aktiengesellschaft began coverage on Hubbell in a research report on Monday, March 11th. They set a hold rating and a $427.00 target price for the company. StockNews.com downgraded Hubbell from a buy rating to a hold rating in a report on Friday, February 2nd. Wells Fargo & Company dropped their price objective on Hubbell from $435.00 to $397.00 and set an equal weight rating for the company in a report on Wednesday. Finally, Mizuho upped their price objective on Hubbell from $370.00 to $450.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $388.86.

Insider Activity at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 13,355 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total value of $4,716,051.15. Following the completion of the sale, the chief executive officer now directly owns 51,783 shares in the company, valued at approximately $18,286,130.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO William R. Sperry sold 14,925 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $352.99, for a total value of $5,268,375.75. Following the completion of the sale, the chief financial officer now owns 37,848 shares of the company’s stock, valued at approximately $13,359,965.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gerben Bakker sold 13,355 shares of Hubbell stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $353.13, for a total transaction of $4,716,051.15. Following the transaction, the chief executive officer now directly owns 51,783 shares in the company, valued at $18,286,130.79. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,125 shares of company stock worth $12,065,100. Company 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.