nVent Electric (NYSE:NVT) Shares Gap Up Following Strong Earnings

nVent Electric plc (NYSE:NVT - Get Free Report)'s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $56.39, but opened at $59.89. nVent Electric shares last traded at $59.50, with a volume of 585,926 shares traded.

The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.78 EPS.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be issued a $0.20 dividend. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.34%. nVent Electric's dividend payout ratio is currently 40.82%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NVT shares. Royal Bank of Canada raised their price objective on nVent Electric from $85.00 to $86.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. The Goldman Sachs Group reduced their price objective on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Barclays cut their target price on shares of nVent Electric from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, KeyCorp lowered their price objective on shares of nVent Electric from $75.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $69.00.

Institutional Trading of nVent Electric

Institutional investors have recently bought and sold shares of the stock. World Investment Advisors LLC bought a new stake in shares of nVent Electric in the 3rd quarter worth about $314,000. Wilmington Savings Fund Society FSB bought a new stake in nVent Electric in the third quarter worth about $124,000. Tidal Investments LLC boosted its position in shares of nVent Electric by 42.0% during the third quarter. Tidal Investments LLC now owns 46,016 shares of the company's stock valued at $3,233,000 after buying an additional 13,621 shares during the period. Franklin Resources Inc. grew its stake in shares of nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company's stock valued at $527,374,000 after buying an additional 1,269,335 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of nVent Electric by 1.7% in the third quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company's stock worth $123,891,000 after buying an additional 28,876 shares during the period. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Price Performance

The stock has a 50 day moving average of $53.64 and a 200-day moving average of $65.50. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $9.80 billion, a P/E ratio of 30.39, a price-to-earnings-growth ratio of 1.48 and a beta of 1.21.

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.

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