Hubbell (NYSE:HUBB) Releases FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY 2024 earnings guidance on Tuesday. 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.

Wall Street Analysts Forecast Growth

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

Hubbell Stock Performance

HUBB traded down $16.34 during trading on Tuesday, reaching $390.85. 338,745 shares of the company’s stock were exchanged, compared to its average volume of 404,706. The company’s fifty day simple moving average is $396.93 and its 200-day simple moving average is $343.79. The stock has a market capitalization of $20.96 billion, a P/E ratio of 28.98, a price-to-earnings-growth ratio of 2.48 and a beta of 0.94. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.01. Hubbell has a 1 year low of $248.37 and a 1 year high of $429.61.

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

Hubbell Dividend Announcement

The company also recently disclosed 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 of this dividend is Friday, May 31st. This represents a $4.88 dividend on an annualized basis and a yield of 1.25%. Hubbell’s payout ratio is 34.73%.

Insider Activity

In other 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 completion of the sale, the insider now directly owns 5,296 shares in the company, valued at $1,896,815.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Mark Eugene Mikes sold 1,837 shares of Hubbell stock in a transaction dated Friday, February 9th. The shares were 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 $1,896,815.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Katherine Anne Lane sold 1,468 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total transaction of $517,484.68. Following the transaction, the vice president now owns 9,355 shares of the company’s stock, valued at approximately $3,297,731.05. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock worth $12,065,100 in the last ninety days. Company insiders own 0.78% 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.