Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $16.00-16.50 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

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

Hubbell Trading Down 8.6 %

Shares of NYSE:HUBB traded down $34.86 during mid-day trading on Tuesday, hitting $372.33. The stock had a trading volume of 1,029,265 shares, compared to its average volume of 413,784. The company has a market cap of $19.97 billion, a PE ratio of 26.50, a P/E/G ratio of 2.48 and a beta of 0.94. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.64. The company’s 50 day moving average is $396.93 and its 200-day moving average is $343.79. Hubbell has a 12-month low of $248.37 and a 12-month high of $429.61.

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

Hubbell Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, May 31st. This represents a $4.88 annualized dividend and a yield of 1.31%. Hubbell’s dividend payout ratio is presently 34.73%.

Insider Buying and Selling at Hubbell

In other Hubbell news, VP Nero Jonathan M. Del sold 1,098 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 3,646 shares in the company, valued at approximately $1,286,090.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Nero Jonathan M. Del sold 1,098 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $352.74, for a total transaction of $387,308.52. Following the transaction, the vice president now 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 is accessible through the SEC website. Also, CEO Gerben Bakker sold 13,355 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total transaction of $4,716,051.15. Following the transaction, the chief executive officer now owns 51,783 shares in the company, valued at approximately $18,286,130.79. 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. 0.78% of the stock is currently owned by company 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.