Hubbell (NYSE:HUBB) Releases FY24 Earnings Guidance

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

HUBB has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and lifted their price target for the stock from $431.00 to $441.00 in a report on Friday, September 6th. Stephens reaffirmed an “overweight” rating and set a $450.00 price target on shares of Hubbell in a research report on Friday, August 2nd. Mizuho raised their price objective on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Barclays upped their target price on Hubbell from $400.00 to $402.00 and gave the company an “equal weight” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Hubbell presently has a consensus rating of “Moderate Buy” and a consensus target price of $434.38.

Hubbell Stock Performance

Shares of Hubbell stock traded down $4.63 on Thursday, reaching $427.03. 447,984 shares of the stock were exchanged, compared to its average volume of 442,487. The business has a 50 day moving average price of $419.94 and a two-hundred day moving average price of $395.41. The firm has a market capitalization of $22.93 billion, a price-to-earnings ratio of 31.69, a PEG ratio of 1.66 and a beta of 0.90. Hubbell has a twelve month low of $248.37 and a twelve month high of $461.77. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62.

Hubbell (NYSE:HUBB) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported $4.49 EPS for the quarter, beating the consensus estimate of $4.47 by $0.02. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted $3.95 EPS. Analysts anticipate that Hubbell will post 16.43 earnings per share for the current fiscal year.

Hubbell Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, November 29th. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s payout ratio is 36.39%.

Insider Transactions at Hubbell

In other news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction that occurred on 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 of the company’s stock, valued at $608,781.80. 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 the SEC website. In other news, Director Carlos M. Cardoso sold 450 shares of the 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 sale, the director now directly owns 1,670 shares of the company’s stock, valued at $608,781.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gerben Bakker sold 15,677 shares of Hubbell 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 completion of the transaction, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.