nVent Electric plc (NYSE:NVT) Short Interest Down 24.1% in October

by · The Markets Daily

nVent Electric plc (NYSE:NVT – Get Free Report) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 1,610,000 shares, a decrease of 24.1% from the September 30th total of 2,120,000 shares. Based on an average daily volume of 1,800,000 shares, the short-interest ratio is presently 0.9 days. Currently, 1.0% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of research analysts have recently commented on NVT shares. Barclays cut their price target on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada reduced their target price on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, KeyCorp lifted their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, nVent Electric presently has a consensus rating of “Buy” and an average target price of $85.67.

Get Our Latest Stock Report on nVent Electric

nVent Electric Stock Down 1.1 %

NYSE NVT traded down $0.80 during trading on Friday, reaching $73.34. 1,155,170 shares of the company’s stock traded hands, compared to its average volume of 1,525,423. nVent Electric has a 12-month low of $45.60 and a 12-month high of $86.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. The firm has a market cap of $12.18 billion, a price-to-earnings ratio of 21.38, a price-to-earnings-growth ratio of 1.50 and a beta of 1.27. The company’s 50 day simple moving average is $68.73 and its two-hundred day simple moving average is $73.14.

nVent Electric (NYSE:NVT – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The business had revenue of $880.30 million for the quarter, compared to the consensus estimate of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. nVent Electric’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 earnings per share. As a group, sell-side analysts forecast that nVent Electric will post 3.26 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 1.04%. nVent Electric’s dividend payout ratio (DPR) is presently 22.16%.

Insider Buying and Selling at nVent Electric

In related news, Director Herbert K. Parker bought 7,566 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Herbert K. Parker bought 7,566 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the acquisition, the director now owns 34,524 shares of the company’s stock, valued at $2,268,572.04. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael B. Faulconer sold 20,004 shares of nVent Electric stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now directly owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB boosted its holdings in nVent Electric by 15.5% in the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock worth $5,684,000 after acquiring an additional 10,135 shares in the last quarter. Federated Hermes Inc. boosted its stake in nVent Electric by 6.6% in the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after purchasing an additional 25,482 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock worth $14,344,000 after purchasing an additional 8,489 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in nVent Electric by 18.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after purchasing an additional 46,748 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of nVent Electric by 250.4% in the first quarter. SG Americas Securities LLC now owns 62,384 shares of the company’s stock worth $4,704,000 after buying an additional 44,582 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Company Profile

(Get Free Report)

nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.

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