Short Interest in nVent Electric plc (NYSE:NVT) Declines By 13.3%

nVent Electric plc (NYSE:NVT) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 1,890,000 shares, a decrease of 13.3% from the May 31st total of 2,180,000 shares. Based on an average trading volume of 1,550,000 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NVT shares. Royal Bank of Canada decreased their price target on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Citigroup lifted their target price on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft started coverage on nVent Electric in a report on Monday, March 11th. They issued a “buy” rating and a $83.00 price objective on the stock. The Goldman Sachs Group boosted their target price on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Barclays raised their price objective on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, nVent Electric has an average rating of “Moderate Buy” and an average target price of $89.00.

nVent Electric Stock Down 1.9 %

NYSE:NVT traded down $1.48 on Monday, reaching $75.13. The stock had a trading volume of 1,189,209 shares, compared to its average volume of 1,405,046. nVent Electric has a 12-month low of $45.60 and a 12-month high of $86.57. The stock has a market cap of $12.47 billion, a P/E ratio of 21.90, a price-to-earnings-growth ratio of 1.68 and a beta of 1.31. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average of $78.70 and a 200 day moving average of $69.95.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The firm had revenue of $874.60 million during the quarter, compared to analyst estimates of $864.14 million. During the same quarter last year, the firm earned $0.67 EPS. nVent Electric’s quarterly revenue was up 18.0% on a year-over-year basis. On average, research analysts predict that nVent Electric will post 3.27 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Friday, July 19th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. nVent Electric’s payout ratio is 22.16%.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG boosted its holdings in shares of nVent Electric by 40.5% in the 3rd quarter. UBS Group AG now owns 44,173 shares of the company’s stock valued at $2,341,000 after buying an additional 12,742 shares during the period. Kestra Advisory Services LLC bought a new position in nVent Electric during the 3rd quarter worth $280,000. LPL Financial LLC lifted its stake in nVent Electric by 2.0% in the third quarter. LPL Financial LLC now owns 172,171 shares of the company’s stock valued at $9,123,000 after buying an additional 3,418 shares during the last quarter. Mariner LLC boosted its holdings in shares of nVent Electric by 10.1% during the third quarter. Mariner LLC now owns 24,649 shares of the company’s stock valued at $1,306,000 after acquiring an additional 2,263 shares during the period. Finally, Stifel Financial Corp boosted its stake in nVent Electric by 11.2% during the 3rd quarter. Stifel Financial Corp now owns 104,155 shares of the company’s stock valued at $5,519,000 after purchasing an additional 10,487 shares during the period. 90.05% of the stock is owned by institutional investors.

About nVent Electric

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.