Hubbell (NYSE:HUBB) Updates 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 16.200-16.500 for the period, compared to the consensus earnings per share estimate of 16.320. The company issued revenue guidance of $5.7 billion-$5.8 billion, compared to the consensus revenue estimate of $5.9 billion. Hubbell also updated its FY24 guidance to $16.20-16.50 EPS.

Hubbell Stock Up 2.6 %

Shares of NYSE:HUBB traded up $9.47 during midday trading on Tuesday, reaching $376.36. The company had a trading volume of 474,479 shares, compared to its average volume of 461,851. The company has a quick ratio of 1.03, a current ratio of 1.66 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average price is $378.59 and its 200 day moving average price is $379.62. The stock has a market cap of $20.21 billion, a PE ratio of 27.38, a P/E/G ratio of 1.36 and a beta of 0.90. Hubbell has a 1-year low of $248.37 and a 1-year high of $429.61.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.13. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the company posted $4.07 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. Research analysts forecast that Hubbell will post 16.33 EPS for the current fiscal year.

Hubbell Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $1.22 per share. The ex-dividend date is Friday, August 30th. This represents a $4.88 dividend on an annualized basis and a yield of 1.30%. Hubbell’s dividend payout ratio (DPR) is currently 36.39%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on HUBB shares. Barclays reduced their target price on shares of Hubbell from $400.00 to $384.00 and set an equal weight rating for the company in a research report on Thursday, May 2nd. Wells Fargo & Company cut their price target on shares of Hubbell from $435.00 to $397.00 and set an equal weight rating for the company in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $386.57.

Insider Buying and Selling

In other news, Director Neal J. Keating bought 500 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was bought at an average cost of $378.77 per share, with a total value of $189,385.00. Following the transaction, the director now directly owns 8,571 shares in the company, valued at approximately $3,246,437.67. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Mark Eugene Mikes sold 1,942 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $401.34, for a total value of $779,402.28. Following the sale, the insider now directly owns 3,436 shares in the company, valued at $1,379,004.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neal J. Keating bought 500 shares of Hubbell stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average price of $378.77 per share, for a total transaction of $189,385.00. Following the completion of the transaction, the director now directly owns 8,571 shares of the company’s stock, valued at approximately $3,246,437.67. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 3,055 shares of company stock worth $1,232,139. 0.66% of the stock is owned by company insiders.

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.