nVent Electric (NYSE:NVT) Hits New 1-Year High on Better-Than-Expected Earnings

nVent Electric PLC (NYSE:NVT)’s stock price hit a new 52-week high on Monday following a better than expected earnings announcement. The stock traded as high as $90.58 and last traded at $89.39, with a volume of 4783 shares traded. The stock had previously closed at $89.88.

The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.07. The firm had revenue of $963.10 million for the quarter, compared to the consensus estimate of $906.96 million. nVent Electric had a return on equity of 13.36% and a net margin of 17.72%. The company’s revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Saturday, January 1st were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, July 18th. nVent Electric’s dividend payout ratio (DPR) is currently 22.79%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NVT shares. Wall Street Zen raised nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. Citigroup raised their price objective on nVent Electric from $69.00 to $86.00 and gave the company a “buy” rating in a report on Monday, July 14th. The Goldman Sachs Group raised their price objective on nVent Electric from $78.00 to $87.00 and gave the company a “buy” rating in a report on Monday, July 7th. Barclays raised their price objective on nVent Electric from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Finally, KeyCorp raised their price objective on nVent Electric from $78.00 to $84.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $87.00.

Insider Transactions at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president directly owned 32,665 shares of the company’s stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC raised its position in nVent Electric by 381.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,996 shares of the company’s stock worth $106,000 after purchasing an additional 1,581 shares during the last quarter. GAMMA Investing LLC raised its position in shares of nVent Electric by 74.3% in the 1st quarter. GAMMA Investing LLC now owns 3,476 shares of the company’s stock worth $182,000 after acquiring an additional 1,482 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of nVent Electric by 6.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 27,252 shares of the company’s stock worth $1,429,000 after acquiring an additional 1,591 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of nVent Electric by 27.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 19,307 shares of the company’s stock worth $1,012,000 after acquiring an additional 4,149 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of nVent Electric by 41.4% in the 1st quarter. Fifth Third Bancorp now owns 2,811 shares of the company’s stock worth $147,000 after acquiring an additional 823 shares in the last quarter. 90.05% of the stock is owned by institutional investors.

nVent Electric Stock Performance

The company has a 50-day moving average price of $73.00 and a two-hundred day moving average price of $64.17. The company has a current ratio of 1.67, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.86 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 1.69 and a beta of 1.35.

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.