nVent Electric (NYSE:NVT) Sets New 12-Month High After Strong Earnings

Key Points

• nVent Electric's stock reached a new 52-week high of $90.58 after posting earnings of $0.86 per share, exceeding analyst expectations of $0.79.
• The company announced a quarterly dividend of $0.20, yielding approximately 0.9%, with a payout ratio of 22.79%.
• Several analysts have raised their price targets for nVent Electric, reflecting strong market confidence with seven analysts rating the stock as "Buy" or better.

nVent Electric PLC (NYSE:NVT - Get Free Report)'s stock price hit a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $90.58 and last traded at $89.39, with a volume of 4783 shares changing hands. 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 business had revenue of $963.10 million during the quarter, compared to the consensus estimate of $906.96 million. nVent Electric had a net margin of 17.72% and a return on equity of 13.36%. The firm's revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Saturday, January 1st were given 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 22.79%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays lifted their price objective on shares of nVent Electric from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. KeyCorp lifted their target price on shares of nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Royal Bank Of Canada lifted their target price on shares of nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Citigroup lifted their target price on shares of nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group lifted their target price on shares of nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $81.57.

Insider Buying and Selling 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 shares were 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 in the company, valued at $2,003,997.75. This represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors have recently added to or reduced their stakes in NVT. Quaker Wealth Management LLC increased its position in nVent Electric by 199.3% in the 2nd quarter. Quaker Wealth Management LLC now owns 1,004 shares of the company's stock valued at $74,000 after acquiring an additional 2,015 shares during the period. Teacher Retirement System of Texas grew its holdings in nVent Electric by 1.6% in the second quarter. Teacher Retirement System of Texas now owns 41,345 shares of the company's stock worth $3,029,000 after purchasing an additional 662 shares during the period. Bessemer Group Inc. grew its holdings in nVent Electric by 54.5% in the second quarter. Bessemer Group Inc. now owns 975 shares of the company's stock worth $71,000 after purchasing an additional 344 shares during the period. Riverwater Partners LLC lifted its stake in shares of nVent Electric by 16.4% in the second quarter. Riverwater Partners LLC now owns 5,080 shares of the company's stock valued at $372,000 after buying an additional 717 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of nVent Electric by 34.0% during the second quarter. Envestnet Asset Management Inc. now owns 592,694 shares of the company's stock valued at $43,415,000 after purchasing an additional 150,362 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Price Performance

The business's 50-day moving average is $72.50 and its two-hundred day moving average is $64.05. The company has a quick ratio of 1.20, a current ratio of 1.67 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $14.83 billion, a P/E ratio of 25.53, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.