nVent Electric plc (NYSE:NVT) Short Interest Up 55.3% in November

nVent Electric plc (NYSE:NVT) saw a large increase in short interest in November. As of November 15th, there was short interest totalling 3,230,000 shares, an increase of 55.3% from the October 31st total of 2,080,000 shares. Based on an average daily trading volume, of 1,770,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 2.0% of the shares of the stock are sold short.

Insider Activity

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total transaction of $608,629.14. Following the transaction, the chief accounting officer now directly owns 25,993 shares in the company, valued at approximately $1,972,088.91. This represents a 23.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sara E. Zawoyski sold 14,505 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the completion of the sale, the chief financial officer now owns 62,215 shares in the company, valued at $4,775,623.40. This represents a 18.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,382 shares of company stock worth $7,365,956. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in nVent Electric by 22.1% in the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after buying an additional 1,269,335 shares during the last quarter. State Street Corp increased its position in nVent Electric by 0.9% during the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after purchasing an additional 42,465 shares during the period. Massachusetts Financial Services Co. MA increased 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 valued at $374,201,000 after purchasing an additional 673,990 shares during the period. Boston Partners increased its position in nVent Electric by 3.2% during the 1st quarter. Boston Partners now owns 3,325,834 shares of the company’s stock valued at $250,770,000 after purchasing an additional 102,643 shares during the period. Finally, Geode Capital Management LLC increased its position in nVent Electric by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after purchasing an additional 29,794 shares during the period. Institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Performance

NVT stock traded up $1.77 during midday trading on Friday, reaching $78.31. 812,675 shares of the company were exchanged, compared to its average volume of 1,582,169. nVent Electric has a one year low of $52.70 and a one year high of $86.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The firm has a market capitalization of $12.91 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 3.94 and a beta of 1.26. The business has a 50-day moving average price of $73.42 and a two-hundred day moving average price of $73.22.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $937.37 million. During the same period last year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts forecast that nVent Electric will post 2.5 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were issued a $0.19 dividend. The ex-dividend date was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.97%. nVent Electric’s dividend payout ratio (DPR) is currently 22.29%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NVT shares. Barclays decreased their price target on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Royal Bank of Canada decreased their price target on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, KeyCorp raised their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric currently has an average rating of “Buy” and a consensus target price of $85.33.

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.