nVent Electric (NYSE:NVT) Shares Gap Down to $62.58

Shares of nVent Electric plc (NYSE:NVT) gapped down prior to trading on Tuesday . The stock had previously closed at $62.58, but opened at $56.45. nVent Electric shares last traded at $58.75, with a volume of 48,825 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NVT shares. Royal Bank of Canada decreased their price target on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, May 6th. The Goldman Sachs Group upped their target price on shares of nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Barclays raised their price target on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Finally, Citigroup upped their price objective on shares of nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, nVent Electric presently has an average rating of “Moderate Buy” and a consensus target price of $89.00.

nVent Electric Price Performance

The business’s fifty day simple moving average is $76.52 and its 200-day simple moving average is $72.97. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. The firm has a market cap of $10.22 billion, a P/E ratio of 17.55, a PEG ratio of 1.52 and a beta of 1.31.

nVent Electric (NYSE:NVT) last posted its earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business had revenue of $874.60 million during the quarter, compared to analyst estimates of $864.14 million. During the same quarter in the previous year, the firm earned $0.67 EPS. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. As a group, analysts forecast that nVent Electric plc will post 3.27 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Friday, July 19th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.23%. The ex-dividend date was Friday, July 19th. nVent Electric’s dividend payout ratio is 22.16%.

Institutional Trading of nVent Electric

Several institutional investors and hedge funds have recently made changes to their positions in NVT. Nordea Investment Management AB lifted its stake in nVent Electric by 15.5% during the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock worth $5,684,000 after purchasing an additional 10,135 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of nVent Electric during the 4th quarter valued at $2,492,000. Jump Financial LLC lifted its stake in nVent Electric by 194.1% in the fourth quarter. Jump Financial LLC now owns 39,432 shares of the company’s stock worth $2,330,000 after purchasing an additional 26,024 shares during the last quarter. Mountain Pacific Investment Advisers Inc. ID lifted its stake in shares of nVent Electric by 85.1% in the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock valued at $8,794,000 after acquiring an additional 53,633 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after acquiring an additional 8,489 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.