Hubbell (NYSE:HUBB) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Hubbell (NYSE:HUBBGet Free Report) posted its earnings results on Tuesday. The industrial products company reported $4.49 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.02, Briefing.com reports. Hubbell had a net margin of 13.14% and a return on equity of 28.98%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the firm posted $3.95 EPS. Hubbell’s revenue was up 4.9% on a year-over-year basis. Hubbell updated its FY24 guidance to $16.35-16.55 EPS and its FY 2024 guidance to 16.350-16.550 EPS.

Hubbell Trading Down 0.6 %

HUBB stock traded down $2.43 during trading on Thursday, hitting $429.23. 43,711 shares of the company traded hands, compared to its average volume of 440,571. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81. The company has a 50-day moving average of $419.94 and a 200-day moving average of $395.41. The firm has a market capitalization of $23.04 billion, a PE ratio of 32.19, a P/E/G ratio of 1.66 and a beta of 0.90. Hubbell has a 1 year low of $248.37 and a 1 year high of $461.77.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, November 29th. This is a positive change from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s payout ratio is 36.39%.

Insider Buying and Selling at Hubbell

In other news, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $364.54, for a total transaction of $164,043.00. Following the completion of the transaction, the director now directly owns 1,670 shares of the company’s stock, valued at approximately $608,781.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total value of $5,868,528.18. Following the completion of the sale, the chief executive officer now directly owns 66,415 shares in the company, valued at $24,861,791.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Carlos M. Cardoso sold 450 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the transaction, the director now owns 1,670 shares in the company, valued at $608,781.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on HUBB shares. Barclays increased their price objective on Hubbell from $400.00 to $402.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Wells Fargo & Company boosted their price objective on Hubbell from $445.00 to $455.00 and gave the stock an “equal weight” rating in a report on Wednesday. Stephens reaffirmed an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a research note on Friday, August 2nd. Mizuho boosted their price target on shares of Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley raised their price objective on shares of Hubbell from $407.00 to $445.00 and gave the company an “equal weight” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $434.38.

Read Our Latest Stock Analysis on Hubbell

Hubbell Company Profile

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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.

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Earnings History for Hubbell (NYSE:HUBB)

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