Hubbell (NYSE:HUBB) Issues FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 16.000-16.500 for the period, compared to the consensus earnings per share 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.

Hubbell Stock Down 8.7 %

Shares of HUBB traded down $35.55 during trading hours on Tuesday, reaching $371.64. The company’s stock had a trading volume of 1,274,936 shares, compared to its average volume of 416,784. The company has a 50 day moving average of $396.93 and a two-hundred day moving average of $343.79. Hubbell has a 1-year low of $248.37 and a 1-year high of $429.61. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of 26.50, a P/E/G ratio of 2.48 and a beta of 0.94. The company has a quick ratio of 1.01, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

Hubbell (NYSE:HUBB) last announced its earnings results on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.58 by $0.11. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. 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 EPS for the current fiscal year.

Hubbell Announces Dividend

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 of this dividend is Friday, May 31st. This represents a $4.88 annualized dividend and a dividend yield of 1.31%. Hubbell’s dividend payout ratio is 34.73%.

Analyst Ratings Changes

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

Insider Activity

In other Hubbell news, insider Mark Eugene Mikes sold 397 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $363.45, for a total value of $144,289.65. Following the completion of the sale, the insider now directly owns 4,899 shares of the company’s stock, valued at $1,780,541.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Mark Eugene Mikes sold 397 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $363.45, for a total value of $144,289.65. Following the completion of the transaction, the insider now directly owns 4,899 shares of the company’s stock, valued at $1,780,541.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William R. Sperry sold 14,925 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $352.99, for a total value of $5,268,375.75. Following the completion of the transaction, the chief financial officer now directly owns 37,848 shares of the company’s stock, valued at $13,359,965.52. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock worth $12,065,100 over the last 90 days. 0.78% 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.