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

nVent Electric PLC (NYSE:NVT) was the recipient of a significant increase in short interest in 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. Approximately 5.1% of the company’s shares are sold short.

nVent Electric Stock Up 1.0%

Shares of NYSE:NVT opened at $70.55 on Friday. nVent Electric has a 1 year low of $41.71 and a 1 year high of $81.55. The stock’s 50-day moving average is $61.91 and its 200 day moving average is $63.36. 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 company has a market cap of $11.62 billion, a PE ratio of 20.16, a P/E/G ratio of 1.41 and a beta of 1.30.

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

nVent Electric Announces Dividend

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

Insider Transactions at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction dated 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 owns 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

Institutional Trading of nVent Electric

Several hedge funds and other institutional investors have recently made changes to their positions in NVT. SVB Wealth LLC purchased a new stake in shares of nVent Electric in the 1st quarter worth approximately $25,000. Capital A Wealth Management LLC purchased a new stake in shares of nVent Electric in the 4th quarter worth approximately $27,000. Whipplewood Advisors LLC grew its stake in shares of 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 during the last quarter. Hughes Financial Services LLC purchased a new stake in shares of nVent Electric in the 1st quarter worth approximately $36,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of nVent Electric in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, March 17th. The Goldman Sachs Group reduced their price target on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Citigroup reduced 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, Royal Bank Of Canada boosted their price target on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus price target of $70.67.

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.