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 $16.00-16.50 for the period, compared to the consensus EPS estimate of $16.43. The company issued revenue guidance of +8-10% yr/yr to ~$5.80-5.91 billion, compared to the consensus revenue estimate of $5.87 billion. Hubbell also updated its FY 2024 guidance to 16.000-16.500 EPS.

Hubbell Stock Up 2.3 %

HUBB stock traded up $8.46 during trading on Wednesday, hitting $378.98. 463,286 shares of the stock traded hands, compared to its average volume of 421,644. Hubbell has a 1 year low of $248.37 and a 1 year high of $429.61. The firm’s 50 day moving average is $397.23 and its two-hundred day moving average is $344.32. The stock has a market cap of $20.32 billion, a price-to-earnings ratio of 26.24, 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 (NYSE:HUBB) last released its earnings results on Tuesday, April 30th. The industrial products company reported $3.60 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $0.06. Hubbell had a net margin of 14.14% and a return on equity of 30.82%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the business earned $3.61 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Hubbell will post 16.43 EPS for the current 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 paid a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.29%. The ex-dividend date is Thursday, May 30th. Hubbell’s payout ratio is 34.73%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on HUBB. Mizuho lifted their price objective 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 began coverage on shares of Hubbell in a report on Monday, March 11th. They issued a hold rating and a $427.00 target price for the company. Barclays boosted their target price on shares of Hubbell from $340.00 to $400.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Wells Fargo & Company boosted their target price on shares of Hubbell from $351.00 to $360.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. Finally, StockNews.com downgraded shares of Hubbell from a buy rating to a hold rating in a report on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $383.57.

Insiders Place Their Bets

In other news, CFO William R. Sperry sold 14,925 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was 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 directly owns 37,848 shares of the company’s stock, valued at approximately $13,359,965.52. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, VP Katherine Anne Lane sold 1,468 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total value of $517,484.68. Following the completion of the transaction, the vice president now directly owns 9,355 shares of the company’s stock, valued at approximately $3,297,731.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William R. Sperry sold 14,925 shares of the stock in a transaction 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 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. In the last 90 days, insiders have sold 34,125 shares of company stock worth $12,065,100. Corporate insiders own 0.78% of the company’s stock.

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.