Hubbell (NYSE:HUBB) Updates FY 2024 Earnings Guidance

Hubbell (NYSE:HUBB - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 16.000-16.500 for the period, compared to the consensus earnings per share estimate of 16.420. The company issued revenue guidance of $5.8 billion-$5.9 billion, compared to the consensus revenue estimate of $5.9 billion. Hubbell also updated its FY24 guidance to $16.00-16.50 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HUBB shares. Mizuho increased their target price on shares of Hubbell from $370.00 to $450.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Barclays boosted their price objective on Hubbell from $340.00 to $400.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Wells Fargo & Company raised their target price on 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, Deutsche Bank Aktiengesellschaft started coverage on shares of Hubbell in a report on Monday, March 11th. They set a hold rating and a $427.00 price objective for the company. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $383.57.

Hubbell Trading Down 9.0 %

Hubbell stock traded down $36.67 during mid-day trading on Tuesday, hitting $370.52. The stock had a trading volume of 1,650,920 shares, compared to its average volume of 421,629. The stock has a 50-day simple moving average of $396.93 and a two-hundred day simple moving average of $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 $19.87 billion, a PE ratio of 26.50, a P/E/G 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.

Hubbell (NYSE:HUBB - Get Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $3.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.58 by $0.11. Hubbell had a net margin of 14.14% and a return on equity of 30.82%. The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the firm earned $2.60 earnings per share. The business's revenue for the quarter was up 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Hubbell will post 16.43 EPS for the current year.

Hubbell Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.22 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $4.88 annualized dividend and a dividend yield of 1.32%. Hubbell's payout ratio is currently 34.73%.

Insider Buying and Selling

In other news, VP Nero Jonathan M. Del sold 1,098 shares of the business's stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $352.74, for a total value of $387,308.52. Following the completion of the transaction, the vice president now owns 3,646 shares of the company's stock, valued at approximately $1,286,090.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Nero Jonathan M. Del sold 1,098 shares of the business's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $352.74, for a total value of $387,308.52. Following the completion of the transaction, the vice president now directly owns 3,646 shares in the company, valued at approximately $1,286,090.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gerben Bakker sold 13,355 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $353.13, for a total transaction of $4,716,051.15. Following the sale, the chief executive officer now owns 51,783 shares in the company, valued at $18,286,130.79. The disclosure for this sale can be found here. Insiders have sold 34,125 shares of company stock valued at $12,065,100 in the last 90 days. 0.78% of the stock is owned by 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.