Hubbell (NYSE:HUBB) Issues FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 16.000-16.500 for the period, compared to the consensus EPS estimate of 16.420. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Hubbell also updated its FY24 guidance to $16.00-16.50 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on HUBB shares. StockNews.com downgraded shares of Hubbell from a buy rating to a hold rating in a research note on Friday, February 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a report on Monday, March 11th. They set a hold rating and a $427.00 price objective for the company. Mizuho lifted their price objective on Hubbell from $370.00 to $450.00 and gave the company a buy rating in a report on Wednesday, March 20th. Wells Fargo & Company lifted their price target on Hubbell from $351.00 to $360.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. Finally, Barclays lifted their price objective on Hubbell from $340.00 to $400.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $383.57.

Hubbell Stock Down 8.7 %

Shares of HUBB traded down $35.55 on Tuesday, hitting $371.64. The company’s stock had a trading volume of 1,274,936 shares, compared to its average volume of 416,784. The company has a quick ratio of 1.01, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm’s fifty day moving average price is $396.93 and its 200-day moving average price is $343.79. Hubbell has a fifty-two week low of $248.37 and a fifty-two week high of $429.61. The firm has a market capitalization of $19.93 billion, a price-to-earnings ratio of 26.50, a P/E/G ratio of 2.48 and a beta of 0.94.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.58 by $0.11. Hubbell had a return on equity of 30.82% and a net margin of 14.14%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $2.60 EPS. Hubbell’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts expect that Hubbell will post 16.43 EPS for the current year.

Hubbell Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be paid a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Friday, May 31st. Hubbell’s payout ratio is 34.73%.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 1,837 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $358.16, for a total value of $657,939.92. Following the sale, the insider now owns 5,296 shares in the company, valued at approximately $1,896,815.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Katherine Anne Lane sold 1,468 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total transaction of $517,484.68. Following the sale, the vice president now owns 9,355 shares in the company, valued at approximately $3,297,731.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark Eugene Mikes sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $358.16, for a total value of $657,939.92. Following the sale, the insider now owns 5,296 shares in the company, valued at approximately $1,896,815.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,125 shares of company stock worth $12,065,100. Corporate insiders own 0.78% 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.