Hubbell (NYSE:HUBB) Updates FY24 Earnings Guidance

Hubbell (NYSE:HUBB) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $16.20-16.50 for the period, compared to the consensus estimate of $16.31. The company issued revenue guidance of $5.75-5.80 billion, compared to the consensus revenue estimate of $5.86 billion. Hubbell also updated its FY 2024 guidance to 16.200-16.500 EPS.

Wall Street Analyst Weigh In

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

Hubbell Price Performance

Shares of NYSE HUBB opened at $367.15 on Tuesday. The company has a 50 day simple moving average of $378.59 and a two-hundred day simple moving average of $379.62. Hubbell has a fifty-two week low of $248.37 and a fifty-two week high of $429.61. The company has a market capitalization of $19.71 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 1.36 and a beta of 0.90. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.66.

Hubbell (NYSE:HUBB) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.13. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.48 billion. Hubbell had a return on equity of 29.55% and a net margin of 13.23%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.07 EPS. Analysts expect that Hubbell will post 16.33 EPS for the current fiscal year.

Hubbell Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Friday, August 30th. Hubbell’s dividend payout ratio is presently 36.39%.

Insider Buying and Selling

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