Hubbell (NYSE:HUBB) Releases FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

HUBB has been the subject of a number of research analyst reports. Barclays boosted their price objective on Hubbell from $340.00 to $400.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Mizuho upped 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. StockNews.com downgraded Hubbell from a buy rating to a hold rating in a report on Friday, February 2nd. Wells Fargo & Company cut their price target on Hubbell from $435.00 to $397.00 and set an equal weight rating for the company in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Hubbell in a research report on Monday, March 11th. They set a hold rating and a $427.00 price objective for the company. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $388.86.

Hubbell Trading Down 0.3 %

Shares of HUBB stock traded down $0.97 during mid-day trading on Thursday, reaching $372.33. 307,043 shares of the stock traded hands, compared to its average volume of 425,856. The company has a market cap of $19.97 billion, a price-to-earnings ratio of 27.84, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. 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 stock’s fifty day simple moving average is $397.61 and its two-hundred day simple moving average is $344.52. Hubbell has a 1-year low of $248.37 and a 1-year high of $429.61.

Hubbell (NYSE:HUBB) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.54 by $0.06. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the company earned $3.61 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, research analysts anticipate that Hubbell will post 16.4 EPS for the current fiscal year.

Hubbell Dividend Announcement

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

Insider Buying and Selling

In related news, VP Katherine Anne Lane sold 1,468 shares of Hubbell stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total value of $517,484.68. Following the transaction, the vice president now directly owns 9,355 shares of the company’s stock, valued at $3,297,731.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Hubbell news, VP Nero Jonathan M. Del sold 1,098 shares of Hubbell stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $352.74, for a total value of $387,308.52. Following the completion of the sale, the vice president now directly owns 3,646 shares in the company, valued at $1,286,090.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Katherine Anne Lane sold 1,468 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total value of $517,484.68. Following the transaction, the vice president now owns 9,355 shares in the company, valued at $3,297,731.05. The disclosure for this sale can be found here. Insiders sold a total of 34,125 shares of company stock valued at $12,065,100 in the last three months. 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.