nVent Electric plc (NYSE:NVT) Sees Large Drop in Short Interest

nVent Electric plc (NYSE:NVT) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 2,650,000 shares, a decline of 18.0% from the November 15th total of 3,230,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.6% of the shares of the stock are short sold.

nVent Electric Stock Up 0.8 %

Shares of nVent Electric stock traded up $0.59 on Monday, hitting $75.62. 489,246 shares of the company’s stock traded hands, compared to its average volume of 1,564,901. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The firm’s 50-day moving average is $74.96 and its 200 day moving average is $72.63. The stock has a market cap of $12.46 billion, a P/E ratio of 22.23, a PEG ratio of 3.88 and a beta of 1.25. nVent Electric has a 52-week low of $55.19 and a 52-week high of $86.57.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). The company had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. nVent Electric’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 EPS. Equities analysts anticipate that nVent Electric will post 2.5 earnings per share for the current year.

nVent Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.06%. This is an increase from nVent Electric’s previous quarterly dividend of $0.19. nVent Electric’s payout ratio is 22.29%.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Jon D. Lammers sold 67,297 shares of the business’s stock in a transaction on 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerry W. Burris sold 6,558 shares of nVent Electric stock in a transaction dated 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 sale, the director now owns 45,040 shares of the company’s stock, valued at $3,603,200. This trade represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,382 shares of company stock valued at $7,365,956 in the last 90 days. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nVent Electric

Several large investors have recently added to or reduced their stakes in NVT. Larson Financial Group LLC lifted its holdings in nVent Electric by 91.9% in the third quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after acquiring an additional 181 shares during the last quarter. UMB Bank n.a. raised its position in shares of nVent Electric by 280.0% during the third quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after purchasing an additional 308 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of nVent Electric during the third quarter valued at $29,000. ORG Partners LLC acquired a new position in shares of nVent Electric in the 2nd quarter valued at $31,000. Finally, First Foundation Advisors purchased a new position in nVent Electric in the 2nd quarter worth about $34,000. 90.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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.