Hubbell (NYSE:HUBB) Announces Earnings Results

Hubbell (NYSE:HUBB) issued its earnings results on Tuesday. The industrial products company reported $3.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06, Briefing.com reports. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. The firm 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. The business’s revenue was up 8.8% on a year-over-year basis. Hubbell updated its FY24 guidance to $16.00-16.50 EPS and its FY 2024 guidance to 16.000-16.500 EPS.

Hubbell Stock Down 0.4 %

HUBB stock traded down $1.47 on Thursday, hitting $371.83. 51,939 shares of the company’s stock were exchanged, compared to its average volume of 422,642. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.01 and a current ratio of 1.66. The stock has a market cap of $19.94 billion, a P/E ratio of 27.84, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. The firm has a 50 day moving average price of $397.61 and a two-hundred day moving average price of $344.52. Hubbell has a 12-month low of $248.37 and a 12-month high of $429.61.

Hubbell Dividend Announcement

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

Analyst Upgrades and Downgrades

HUBB has been the topic of several research reports. Barclays raised 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 increased their target price on shares of Hubbell from $370.00 to $450.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. StockNews.com lowered shares of Hubbell from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Wells Fargo & Company lowered their target price on Hubbell from $435.00 to $397.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a research report on Monday, March 11th. They set a “hold” rating and a $427.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $388.86.

Insider Transactions at Hubbell

In other Hubbell news, CEO Gerben Bakker sold 13,355 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO William R. Sperry sold 14,925 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $352.99, for a total transaction of $5,268,375.75. Following the completion of the transaction, the chief financial officer now owns 37,848 shares of the company’s stock, valued at $13,359,965.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gerben Bakker sold 13,355 shares of Hubbell stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $353.13, for a total value of $4,716,051.15. Following the transaction, the chief executive officer now owns 51,783 shares of the company’s stock, valued at approximately $18,286,130.79. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,125 shares of company stock worth $12,065,100. Insiders own 0.66% of the company’s stock.

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.