nVent Electric plc (NYSE:NVT) Short Interest Update

nVent Electric plc (NYSE:NVT) was the recipient of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 2,650,000 shares, a decrease of 18.0% from the November 15th total of 3,230,000 shares. Based on an average trading volume of 1,680,000 shares, the short-interest ratio is currently 1.6 days. Approximately 1.6% of the company’s shares are short sold.

Analyst Ratings Changes

Several analysts recently commented on NVT shares. Citigroup upped their price target on shares of nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Barclays increased their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. KeyCorp increased their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada dropped their price target on nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $85.50.

Insider Activity at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. The trade was a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jon D. Lammers sold 67,297 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total value of $5,119,282.79. Following the transaction, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. The trade was a 53.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,382 shares of company stock worth $7,365,956. Insiders own 2.50% of the company’s stock.

Institutional Trading of nVent Electric

Institutional investors have recently added to or reduced their stakes in the business. Swedbank AB bought a new stake in nVent Electric during the 3rd quarter valued at approximately $110,663,000. Franklin Resources Inc. boosted its holdings in nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after purchasing an additional 1,269,335 shares in the last quarter. Millennium Management LLC raised its stake in nVent Electric by 159.9% during the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after acquiring an additional 828,425 shares in the last quarter. Clean Energy Transition LLP raised its stake in shares of nVent Electric by 56.5% in the third quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after acquiring an additional 813,909 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after buying an additional 673,990 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Stock Performance

NVT traded down $0.56 during trading on Friday, reaching $75.03. 1,439,354 shares of the company were exchanged, compared to its average volume of 1,569,457. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68. nVent Electric has a 52 week low of $55.19 and a 52 week high of $86.57. The firm has a 50 day moving average of $74.96 and a 200 day moving average of $72.71. The stock has a market cap of $12.37 billion, a P/E ratio of 22.00, a PEG ratio of 3.88 and a beta of 1.25.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company had revenue of $782.00 million for the quarter, compared to analyst estimates of $937.37 million. During the same quarter in the prior year, the business earned $0.84 EPS. nVent Electric’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that nVent Electric will post 2.5 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s payout ratio is currently 22.29%.

nVent Electric Company Profile

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.