nVent Electric PLC (NYSE:NVT) Short Interest Update

nVent Electric PLC (NYSE:NVT) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 2,962,493 shares, a drop of 38.8% from the February 26th total of 4,837,160 shares. Based on an average daily volume of 2,324,345 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.9% of the shares of the stock are sold short.

Insider Buying and Selling at nVent Electric

In other news, Director Susan M. Cameron sold 5,000 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total transaction of $572,600.00. Following the sale, the director owned 13,405 shares in the company, valued at approximately $1,535,140.60. This trade represents a 27.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Beth Wozniak sold 7,597 shares of nVent Electric stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $116.47, for a total transaction of $884,822.59. Following the sale, the chief executive officer directly owned 52,990 shares of the company’s stock, valued at $6,171,745.30. This represents a 12.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,841 shares of company stock worth $2,046,166 over the last three months. 1.80% of the stock is owned by insiders.

Institutional Trading of nVent Electric

A number of institutional investors have recently made changes to their positions in NVT. TABR Capital Management LLC purchased a new position in shares of nVent Electric in the fourth quarter valued at about $3,284,000. Continuum Advisory LLC purchased a new stake in shares of nVent Electric during the third quarter worth about $1,630,000. Nordea Investment Management AB grew its stake in shares of nVent Electric by 10.0% in the third quarter. Nordea Investment Management AB now owns 129,655 shares of the company’s stock worth $12,671,000 after purchasing an additional 11,804 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of nVent Electric by 51.0% in the third quarter. Pacer Advisors Inc. now owns 30,535 shares of the company’s stock worth $3,012,000 after purchasing an additional 10,307 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in nVent Electric by 173.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 52,856 shares of the company’s stock valued at $5,214,000 after purchasing an additional 33,549 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Trading Down 0.8%

NYSE NVT traded down $0.94 during trading on Friday, hitting $117.50. 719,731 shares of the company’s stock traded hands, compared to its average volume of 2,363,949. The stock has a fifty day moving average of $114.78 and a two-hundred day moving average of $106.95. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.63 and a quick ratio of 1.16. nVent Electric has a 12-month low of $41.71 and a 12-month high of $129.94. The firm has a market cap of $19.00 billion, a P/E ratio of 27.36, a PEG ratio of 1.32 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was up 41.9% compared to the same quarter last year. As a group, sell-side analysts expect that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 24th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, April 24th. nVent Electric’s payout ratio is 19.53%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Barclays raised their price target on nVent Electric from $140.00 to $141.00 and gave the company an “overweight” rating in a research report on Monday, February 9th. Royal Bank Of Canada increased their price objective on nVent Electric from $138.00 to $143.00 and gave the company an “outperform” rating in a research report on Thursday, March 19th. UBS Group reissued a “buy” rating and set a $135.00 price objective on shares of nVent Electric in a report on Friday, March 13th. Glj Research began coverage on nVent Electric in a research report on Thursday, March 5th. They issued a “buy” rating and a $151.00 target price for the company. Finally, Citigroup upped their target price on nVent Electric from $131.00 to $133.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, nVent Electric presently has an average rating of “Moderate Buy” and a consensus target price of $138.50.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.