Hubbell (NYSE:HUBB) Releases FY24 Earnings Guidance

Hubbell (NYSE:HUBB) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $16.00-16.50 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on HUBB shares. Deutsche Bank Aktiengesellschaft assumed coverage on Hubbell in a research note on Monday, March 11th. They set a hold rating and a $427.00 target price for the company. Mizuho increased their price objective on shares of Hubbell from $370.00 to $450.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Wells Fargo & Company increased their price objective on shares of Hubbell from $351.00 to $360.00 and gave the stock an equal weight rating in a research report on Wednesday, January 31st. StockNews.com lowered shares of Hubbell from a buy rating to a hold rating in a report on Friday, February 2nd. Finally, Barclays upped 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. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $383.57.

Hubbell Stock Down 8.6 %

NYSE:HUBB traded down $34.86 during trading hours on Tuesday, reaching $372.33. 1,029,265 shares of the company traded hands, compared to its average volume of 413,784. Hubbell has a 1 year low of $248.37 and a 1 year high of $429.61. The business’s 50-day moving average price is $396.93 and its two-hundred day moving average price is $343.79. The company has a current ratio of 1.64, a quick ratio of 1.01 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $19.97 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.48 and a beta of 0.94.

Hubbell (NYSE:HUBB) last issued its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.58 by $0.11. Hubbell had a return on equity of 30.82% and a net margin of 14.14%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $2.60 earnings per share. Hubbell’s revenue was up 10.3% compared to the same quarter last year. Analysts predict that Hubbell will post 16.43 earnings per share for the current year.

Hubbell Dividend Announcement

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 paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Friday, May 31st. Hubbell’s dividend payout ratio (DPR) is 34.73%.

Insider Buying and Selling

In other Hubbell news, insider Mark Eugene Mikes sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $358.16, for a total transaction of $657,939.92. Following the sale, the insider now directly owns 5,296 shares in the company, valued at $1,896,815.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Mark Eugene Mikes sold 1,837 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $358.16, for a total value of $657,939.92. Following the transaction, 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 SEC, which can be accessed through the SEC website. Also, VP Katherine Anne Lane sold 1,468 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $3,297,731.05. The disclosure for this sale can be found here. Over the last three months, 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.