Hubbell (NYSE:HUBB) Releases Earnings Results, Beats Estimates By $0.06 EPS

Hubbell (NYSE:HUBB) announced its quarterly earnings results on Tuesday. The industrial products company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.54 by $0.06, Briefing.com reports. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion. Hubbell had a net margin of 13.23% and a return on equity of 29.55%. Hubbell’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the business earned $3.61 EPS. Hubbell updated its FY24 guidance to $16.00-16.50 EPS and its FY 2024 guidance to 16.000-16.500 EPS.

Hubbell Price Performance

Shares of NYSE:HUBB traded down $1.47 on Thursday, reaching $371.83. 51,939 shares of the company were exchanged, compared to its average volume of 422,642. Hubbell has a 1-year low of $248.37 and a 1-year high of $429.61. The company has a current ratio of 1.66, a quick ratio of 1.01 and a debt-to-equity ratio of 0.64. The firm has a market cap of $19.94 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 50-day moving average of $397.61 and a 200-day moving average of $344.52.

Hubbell Dividend Announcement

The firm 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. This represents a $4.88 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, May 30th. Hubbell’s dividend payout ratio (DPR) is currently 36.39%.

Analyst Upgrades and Downgrades

HUBB has been the topic of several research analyst reports. Mizuho lifted their price target on Hubbell from $370.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Wells Fargo & Company reduced their price target on shares of Hubbell from $435.00 to $397.00 and set an “equal weight” rating for the company in a research report on Wednesday. StockNews.com downgraded shares of Hubbell from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Barclays upped their price objective on Hubbell from $340.00 to $400.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Hubbell in a research note on Monday, March 11th. They issued a “hold” rating and a $427.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Hubbell currently has a consensus rating of “Moderate Buy” and an average price target of $388.86.

Insider Transactions at Hubbell

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

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.