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

Hubbell (NYSE:HUBB - Get Free Report) issued its earnings results on Tuesday. The industrial products company reported $4.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.47 by $0.02, Briefing.com reports. Hubbell had a return on equity of 28.98% and a net margin of 13.14%. The business had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.48 billion. During the same quarter in the prior year, the firm earned $3.95 EPS. The business's revenue for the quarter 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 Down 1.9 %

HUBB traded down $8.46 during midday trading on Wednesday, reaching $431.66. 469,666 shares of the company were exchanged, compared to its average volume of 442,461. The company has a market cap of $23.17 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 1.66 and a beta of 0.90. Hubbell has a one year low of $248.37 and a one year high of $461.77. The company's fifty day moving average price is $418.82 and its 200 day moving average price is $395.15. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.81.

Hubbell Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Hubbell from a "hold" rating to a "buy" rating and lifted their target price for the stock from $431.00 to $441.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. cut Hubbell from an "overweight" rating to a "neutral" rating and increased their price target for the company from $385.00 to $454.00 in a research note on Thursday, October 10th. Mizuho lifted their price objective on Hubbell from $450.00 to $490.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Barclays increased their target price on shares of Hubbell from $400.00 to $402.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their price target on shares of Hubbell from $445.00 to $455.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $434.38.

Insider Activity

In related news, CEO Gerben Bakker sold 15,677 shares of the stock in a transaction on Friday, August 9th. The stock was 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 of the company's stock, valued at approximately $24,861,791.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Hubbell 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 sale, the director now directly owns 1,670 shares of the company's stock, valued at $608,781.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gerben Bakker sold 15,677 shares of Hubbell 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 transaction, the chief executive officer now owns 66,415 shares of the company's stock, valued at $24,861,791.10. The trade was 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.

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.