nVent Electric PLC (NYSE:NVT) Sees Large Growth in Short Interest

nVent Electric PLC (NYSE:NVT) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 8,290,000 shares, a growth of 27.9% from the May 15th total of 6,480,000 shares. Currently, 5.1% of the company’s stock are short sold. Based on an average trading volume of 2,240,000 shares, the days-to-cover ratio is currently 3.7 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NVT shares. The Goldman Sachs Group lowered their price objective on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Barclays increased their price target on nVent Electric from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, June 9th. CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, March 17th. Citigroup lowered their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $70.67.

nVent Electric Trading Up 1.0%

NYSE:NVT opened at $70.55 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42. The firm has a market capitalization of $11.62 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 1.41 and a beta of 1.30. nVent Electric has a one year low of $41.71 and a one year high of $81.55. The business has a fifty day moving average price of $61.91 and a 200-day moving average price of $63.36.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Friday, May 2nd. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. nVent Electric’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 EPS. Sell-side analysts forecast that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be paid a $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 1.13%. nVent Electric’s dividend payout ratio (DPR) is 22.86%.

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the transaction, the executive vice president now directly owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently modified their holdings of NVT. SVB Wealth LLC purchased a new stake in shares of nVent Electric in the 1st quarter worth $25,000. Capital A Wealth Management LLC purchased a new stake in nVent Electric in the 4th quarter worth $27,000. Whipplewood Advisors LLC increased its stake in nVent Electric by 467.3% in the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Hughes Financial Services LLC purchased a new stake in nVent Electric in the 1st quarter worth $36,000. Finally, Park Square Financial Group LLC purchased a new stake in nVent Electric in the 4th quarter worth $38,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.