Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $16.35-16.55 for the period, compared to the consensus EPS estimate of $16.43. The company issued revenue guidance of $5.695 billion, compared to the consensus revenue estimate of $5.77 billion. Hubbell also updated its FY 2024 guidance to 16.350-16.550 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of Hubbell from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $385.00 to $454.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and upped their target price for the company from $431.00 to $441.00 in a research note on Friday, September 6th. Stephens reaffirmed an “overweight” rating and issued a $450.00 price target on shares of Hubbell in a report on Friday, August 2nd. Morgan Stanley assumed coverage on Hubbell in a report on Friday, September 6th. They set an “equal weight” rating and a $407.00 price objective on the stock. Finally, Mizuho boosted their price target on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $428.13.

Hubbell Stock Down 2.6 %

NYSE:HUBB traded down $11.64 during trading hours on Tuesday, reaching $438.03. 418,527 shares of the stock were exchanged, compared to its average volume of 441,207. The stock has a market cap of $23.52 billion, a PE ratio of 33.07, a PEG ratio of 1.66 and a beta of 0.90. Hubbell has a twelve month low of $248.37 and a twelve month high of $461.77. The firm has a 50 day moving average of $417.43 and a 200 day moving average of $394.88. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.81 and a quick ratio of 1.13.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $4.37 EPS for the quarter, topping the consensus estimate of $4.24 by $0.13. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company posted $4.07 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. On average, equities analysts expect that Hubbell will post 16.43 earnings per share for the current year.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s payout ratio is currently 36.39%.

Insider Activity at Hubbell

In related news, Director Carlos M. Cardoso sold 450 shares of Hubbell stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the transaction, the director now owns 1,670 shares in the company, valued at approximately $608,781.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now owns 1,670 shares in the company, valued at approximately $608,781.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gerben Bakker sold 15,677 shares of Hubbell stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $374.34, for a total value of $5,868,528.18. Following the sale, the chief executive officer now directly owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.