nVent Electric PLC (NYSE:NVT – Get Free Report) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 8,290,000 shares, an increase of 27.9% from the May 15th total of 6,480,000 shares. Based on an average daily trading volume, of 2,240,000 shares, the short-interest ratio is currently 3.7 days. Currently, 5.1% of the shares of the company are short sold.
nVent Electric Trading Up 1.0%
NYSE:NVT opened at $70.55 on Thursday. The company has a market cap of $11.62 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.40 and a beta of 1.30. The stock’s fifty day moving average price is $61.48 and its two-hundred day moving average price is $63.40. nVent Electric has a 1 year low of $41.71 and a 1 year high of $81.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42.
nVent Electric (NYSE:NVT – Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.78 earnings per share. As a group, analysts expect that nVent Electric will post 3.04 EPS for the current year.
nVent Electric Dividend Announcement
Insider Activity
In other news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the transaction, the executive vice president now owns 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.80% of the company’s stock.
Institutional Trading of nVent Electric
Several institutional investors have recently added to or reduced their stakes in NVT. Rhumbline Advisers boosted its holdings in shares of nVent Electric by 0.5% during the fourth quarter. Rhumbline Advisers now owns 447,404 shares of the company’s stock worth $30,495,000 after purchasing an additional 2,221 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of nVent Electric by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 5,078 shares of the company’s stock worth $346,000 after purchasing an additional 255 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in shares of nVent Electric by 179.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 9,854 shares of the company’s stock worth $672,000 after purchasing an additional 6,331 shares during the period. Callahan Advisors LLC purchased a new stake in shares of nVent Electric during the fourth quarter worth about $445,000. Finally, Good Life Advisors LLC boosted its holdings in shares of nVent Electric by 5.2% during the fourth quarter. Good Life Advisors LLC now owns 40,892 shares of the company’s stock worth $2,787,000 after purchasing an additional 2,004 shares during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
NVT has been the topic of several recent analyst reports. Citigroup decreased their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. KeyCorp boosted their target price on nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Royal Bank Of Canada boosted their price objective on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Finally, Barclays boosted their target price on nVent Electric from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $70.67.
View Our Latest Stock Report on NVT
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.
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