Hubbell (NYSE:HUBB) Releases Earnings Results, Beats Expectations By $0.02 EPS

by · The Markets Daily

Hubbell (NYSE:HUBB – Get Free Report) issued its quarterly earnings results on Tuesday. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $3.95 EPS. Hubbell’s quarterly revenue was up 4.9% compared to the same quarter last year. Hubbell updated its FY24 guidance to $16.35-16.55 EPS and its FY 2024 guidance to 16.350-16.550 EPS.

Hubbell Stock Performance

HUBB traded down $2.75 during mid-day trading on Wednesday, reaching $437.37. 171,066 shares of the company traded hands, compared to its average volume of 441,003. The company’s fifty day moving average price is $418.82 and its 200-day moving average price is $395.15. The stock has a market capitalization of $23.48 billion, a P/E ratio of 32.72, a P/E/G ratio of 1.66 and a beta of 0.90. The company has a quick ratio of 1.13, a current ratio of 1.81 and a debt-to-equity ratio of 0.62. Hubbell has a 52-week low of $248.37 and a 52-week high of $461.77.

Hubbell Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.32 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $5.28 annualized dividend and a yield of 1.21%. This is a boost from Hubbell’s previous quarterly dividend of $1.22. Hubbell’s dividend payout ratio (DPR) is currently 36.39%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Hubbell from a “hold” rating to a “buy” rating and raised their target price for the company from $431.00 to $441.00 in a research note on Friday, September 6th. Stephens reissued an “overweight” rating and issued a $450.00 target price on shares of Hubbell in a report on Friday, August 2nd. Mizuho increased their target price on Hubbell from $450.00 to $490.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley assumed coverage on Hubbell in a research report on Friday, September 6th. They issued an “equal weight” rating and a $407.00 price target for the company. Finally, JPMorgan Chase & Co. downgraded shares of Hubbell from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $385.00 to $454.00 in a research report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $429.38.

Get Our Latest Stock Analysis on HUBB

Insider Transactions at Hubbell

In other news, CEO Gerben Bakker sold 15,677 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at $24,861,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Hubbell news, CEO Gerben Bakker sold 15,677 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $374.34, for a total transaction of $5,868,528.18. Following the completion of the sale, the chief executive officer now owns 66,415 shares of the company’s stock, valued at approximately $24,861,791.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Carlos M. Cardoso sold 450 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $364.54, for a total value of $164,043.00. Following the completion of the transaction, the director now directly 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. Company insiders own 0.66% of the company’s stock.

About Hubbell

(Get Free Report)

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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