Hubbell (NYSE:HUBB) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Hubbell (NYSE:HUBB - Get Free Report) posted its quarterly earnings results on Tuesday. The industrial products company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.06, Briefing.com reports. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.39 billion. Hubbell had a return on equity of 30.82% and a net margin of 14.14%. The company's revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.61 earnings per share. Hubbell updated its FY24 guidance to $16.00-16.50 EPS and its FY 2024 guidance to 16.000-16.500 EPS.

Hubbell Trading Up 0.8 %

HUBB stock traded up $2.78 during midday trading on Wednesday, reaching $373.30. 907,624 shares of the company traded hands, compared to its average volume of 427,415. Hubbell has a 52-week low of $248.37 and a 52-week high of $429.61. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.64. The business has a 50 day moving average of $397.61 and a 200-day moving average of $344.52. The firm has a market capitalization of $20.02 billion, a price-to-earnings ratio of 26.57, a P/E/G ratio of 2.48 and a beta of 0.94.

Hubbell Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a dividend of $1.22 per share. The ex-dividend date is Thursday, May 30th. This represents a $4.88 dividend on an annualized basis and a yield of 1.31%. Hubbell's dividend payout ratio (DPR) is presently 34.73%.

Insider Buying and Selling at Hubbell

In other Hubbell news, insider Mark Eugene Mikes sold 397 shares of the company's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $363.45, for a total transaction of $144,289.65. Following the sale, the insider now directly owns 4,899 shares in the company, valued at $1,780,541.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Mark Eugene Mikes sold 397 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $363.45, for a total value of $144,289.65. Following the sale, the insider now directly owns 4,899 shares in the company, valued at $1,780,541.55. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 sale, the vice president now owns 9,355 shares in the company, valued at $3,297,731.05. The disclosure for this sale can be found here. Insiders have sold a total of 34,125 shares of company stock worth $12,065,100 over the last ninety days. Company insiders own 0.78% of the company's stock.

Analysts Set New Price Targets

HUBB has been the subject of several recent research reports. Mizuho boosted their price target on Hubbell from $370.00 to $450.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. StockNews.com lowered Hubbell from a "buy" rating to a "hold" rating in a research note on Friday, February 2nd. Wells Fargo & Company dropped their price objective on Hubbell from $435.00 to $397.00 and set an "equal weight" rating for the company in a research note on Wednesday. Barclays upped their price objective on Hubbell from $340.00 to $400.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Hubbell in a research report on Monday, March 11th. They issued a "hold" rating and a $427.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $388.86.

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.