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 earnings per share (EPS) guidance of 16.000-16.500 for the period, compared to the consensus 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.

Hubbell Stock Performance

Shares of NYSE HUBB traded up $0.22 during trading on Thursday, hitting $373.52. The company had a trading volume of 453,289 shares, compared to its average volume of 427,387. The stock has a 50 day simple moving average of $397.61 and a 200 day simple moving average of $344.52. The firm has a market capitalization of $20.03 billion, a P/E ratio of 27.85, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. Hubbell has a 12 month low of $248.37 and a 12 month high of $429.61. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.01 and a current ratio of 1.66.

Hubbell (NYSE:HUBB) last posted its quarterly earnings data 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 company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the firm earned $3.61 earnings per share. Hubbell’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, analysts anticipate that Hubbell will post 16.4 earnings per share for the current year.

Hubbell Dividend Announcement

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 issued a $1.22 dividend. The ex-dividend date is Thursday, May 30th. This represents a $4.88 dividend on an annualized basis and a yield of 1.31%. Hubbell’s dividend payout ratio is presently 36.39%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HUBB. Mizuho boosted their price target on Hubbell from $370.00 to $450.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Deutsche Bank Aktiengesellschaft began coverage on Hubbell in a research note on Monday, March 11th. They set a hold rating and a $427.00 price target on the stock. Wells Fargo & Company dropped their price target on Hubbell from $435.00 to $397.00 and set an equal weight rating on the stock in a research note on Wednesday. Barclays dropped their price target on Hubbell from $400.00 to $384.00 and set an equal weight rating on the stock in a research note on Thursday. Finally, StockNews.com lowered Hubbell from a buy rating to a hold rating in a research report on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $386.57.

Insider Activity at Hubbell

In other Hubbell news, VP Nero Jonathan M. Del sold 1,098 shares of the company’s stock in a transaction 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 approximately $1,286,090.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Hubbell news, VP Katherine Anne Lane sold 1,468 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now directly 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 can be accessed through this link. Also, VP Nero Jonathan M. Del sold 1,098 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were 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 owns 3,646 shares of the company’s stock, valued at $1,286,090.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,125 shares of company stock valued at $12,065,100. 0.66% of the stock is owned by insiders.

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.