nVent Electric plc (NYSE:NVT) Sees Significant Decline in Short Interest

nVent Electric plc (NYSE:NVT) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 1,610,000 shares, a drop of 24.1% from the September 30th total of 2,120,000 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily volume of 1,800,000 shares, the days-to-cover ratio is presently 0.9 days.

nVent Electric Price Performance

Shares of NYSE:NVT traded down $0.80 during midday 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. The company has a fifty day simple moving average of $68.73 and a two-hundred day simple moving average of $73.14. nVent Electric has a 1 year low of $45.60 and a 1 year high of $86.57. The company has a market cap of $12.18 billion, a P/E ratio of 21.38, a PEG ratio of 1.50 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17.

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

nVent Electric Announces Dividend

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 issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, October 18th. nVent Electric’s payout ratio is 22.16%.

Insider Transactions at nVent Electric

In other news, Director Herbert K. Parker bought 7,566 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the transaction, the director now directly owns 34,524 shares in the company, valued at approximately $2,268,572.04. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other nVent Electric news, Director Herbert K. Parker purchased 7,566 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the sale, the executive vice president now directly owns 30,432 shares in the company, valued at $1,833,832.32. 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.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds have recently made changes to their positions in the company. LVW Advisors LLC acquired a new stake in shares of nVent Electric in the first quarter valued at about $221,000. Oliver Luxxe Assets LLC raised its holdings in nVent Electric by 0.8% in the 1st quarter. Oliver Luxxe Assets LLC now owns 56,781 shares of the company’s stock valued at $4,281,000 after acquiring an additional 426 shares during the last quarter. Park Place Capital Corp lifted its stake in nVent Electric by 39.7% in the 1st quarter. Park Place Capital Corp now owns 1,749 shares of the company’s stock worth $132,000 after purchasing an additional 497 shares in the last quarter. Congress Wealth Management LLC DE boosted its holdings in shares of nVent Electric by 7.3% during the 1st quarter. Congress Wealth Management LLC DE now owns 255,741 shares of the company’s stock worth $19,283,000 after purchasing an additional 17,416 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of nVent Electric by 42.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 523,456 shares of the company’s stock worth $39,468,000 after purchasing an additional 156,879 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Barclays lowered their price objective on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. KeyCorp increased their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, Royal Bank of Canada cut their price objective on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $85.67.

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.