Hubbell (NYSE:HUBB) Releases FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 16.350-16.550 for the period, compared to the consensus EPS 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.

Hubbell Stock Performance

Shares of NYSE:HUBB traded down $4.90 during trading on Thursday, hitting $426.76. 447,984 shares of the stock traded hands, compared to its average volume of 442,487. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. The company has a market cap of $22.91 billion, a price-to-earnings ratio of 31.69, a P/E/G ratio of 1.66 and a beta of 0.90. The company has a fifty day moving average price of $419.94 and a two-hundred day moving average price of $395.41. Hubbell has a 52-week low of $248.37 and a 52-week high of $461.77.

Hubbell (NYSE:HUBB) last posted its 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. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.95 EPS. As a group, equities analysts predict that Hubbell will post 16.43 EPS for the current year.

Hubbell Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Hubbell from $445.00 to $455.00 and gave the company an “equal weight” rating in a research note on Wednesday. JPMorgan Chase & Co. cut shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Mizuho lifted their price target on shares of Hubbell from $450.00 to $490.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Stephens reissued an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and lifted their price target for the company from $431.00 to $441.00 in a research note on Friday, September 6th. Five equities 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $434.38.

Insider Activity

In other news, Director Carlos M. Cardoso sold 450 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction of $164,043.00. Following 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the transaction, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 1,670 shares in the company, valued at $608,781.80. The trade was a 0.00 % decrease in their position. 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.