Hubbell (NYSE:HUBB) Issues FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. 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 Price Performance

Shares of HUBB stock opened at $407.15 on Tuesday. The firm has a market cap of $21.84 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 2.48 and a beta of 0.94. Hubbell has a 12 month low of $248.37 and a 12 month high of $429.61. The company has a quick ratio of 1.01, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $396.93 and a 200 day moving average price of $343.79.

Hubbell (NYSE:HUBB) last issued its earnings results on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.58 by $0.11. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.32 billion. Hubbell had a net margin of 14.14% and a return on equity of 30.82%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.60 EPS. Research analysts expect that Hubbell will post 16.43 EPS for the current year.

Hubbell Dividend Announcement

The firm 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 $1.22 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $4.88 dividend on an annualized basis and a yield of 1.20%. Hubbell’s payout ratio is presently 34.73%.

Analysts Set New Price Targets

HUBB has been the subject of several recent research reports. StockNews.com cut shares of Hubbell from a buy rating to a hold rating in a research report on Friday, February 2nd. Wells Fargo & Company increased 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. Barclays raised their target price on Hubbell from $340.00 to $400.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Mizuho upped their price target on Hubbell from $370.00 to $450.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Hubbell in a research note on Monday, March 11th. They set a hold rating and a $427.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Hubbell has an average rating of Moderate Buy and a consensus price target of $383.57.

Insider Buying and Selling

In other news, insider Mark Eugene Mikes sold 1,837 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $358.16, for a total transaction of $657,939.92. Following the completion of the sale, the insider now owns 5,296 shares of the company’s stock, valued at $1,896,815.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Katherine Anne Lane sold 1,468 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $352.51, for a total transaction of $517,484.68. Following the completion of the transaction, the vice president now directly owns 9,355 shares in the company, valued at $3,297,731.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Eugene Mikes sold 1,837 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $358.16, for a total value of $657,939.92. Following the completion of the sale, the insider now owns 5,296 shares in the company, valued at approximately $1,896,815.36. The disclosure for this sale can be found here. In the last three months, insiders sold 34,125 shares of company stock valued at $12,065,100. 0.78% of the stock is owned by corporate 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.