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

Key Points

• Short interest plunged 38.8% in March to 2,962,493 shares, cutting the short-interest ratio to 1.3 days and leaving roughly 1.9% of the company's shares short.
• Quarterly results beat expectations: nVent reported $0.90 EPS (vs. $0.89 expected) and $1.07B revenue, up 41.9% year-over-year, while analysts collectively rate the stock a "Moderate Buy" with an average target of $138.50.
• Dividend and insider activity: the board declared a $0.21 quarterly dividend (0.7% yield) even as insiders have recently sold shares (CEO sold 7,597; insiders sold 17,841 over 90 days), leaving insiders owning about 1.8% of the stock.

nVent Electric PLC (NYSE:NVT - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 2,962,493 shares, a decrease of 38.8% from the February 26th total of 4,837,160 shares. Based on an average daily volume of 2,324,345 shares, the short-interest ratio is currently 1.3 days. Approximately 1.9% of the shares of the company are short sold.

nVent Electric Price Performance

NYSE NVT traded down $0.94 during trading hours on Friday, hitting $117.50. The company had a trading volume of 719,731 shares, compared to its average volume of 2,363,949. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.16 and a current ratio of 1.63. The firm has a market capitalization of $19.00 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 1.32 and a beta of 1.31. nVent Electric has a 52 week low of $41.71 and a 52 week high of $129.94. The firm has a 50 day simple moving average of $114.78 and a 200 day simple moving average of $106.95.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.01. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. The company's revenue for the quarter was up 41.9% on a year-over-year basis. Equities research analysts expect that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 24th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, April 24th. nVent Electric's dividend payout ratio (DPR) is presently 19.53%.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CEO Beth Wozniak sold 7,597 shares of the business's stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $116.47, for a total value of $884,822.59. Following the sale, the chief executive officer directly owned 52,990 shares in the company, valued at $6,171,745.30. The trade was a 12.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Susan M. Cameron sold 5,000 shares of the company's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total value of $572,600.00. Following the transaction, the director directly owned 13,405 shares in the company, valued at $1,535,140.60. This represents a 27.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 17,841 shares of company stock valued at $2,046,166. Company insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NVT. Annex Advisory Services LLC grew its position in nVent Electric by 3.0% during the fourth quarter. Annex Advisory Services LLC now owns 3,243 shares of the company's stock worth $331,000 after buying an additional 94 shares in the last quarter. NewEdge Wealth LLC raised its holdings in shares of nVent Electric by 3.7% in the 4th quarter. NewEdge Wealth LLC now owns 2,620 shares of the company's stock valued at $267,000 after acquiring an additional 94 shares in the last quarter. CI Investments Inc. boosted its position in shares of nVent Electric by 15.6% during the 3rd quarter. CI Investments Inc. now owns 712 shares of the company's stock valued at $70,000 after acquiring an additional 96 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC boosted its position in shares of nVent Electric by 0.9% during the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 10,694 shares of the company's stock valued at $1,055,000 after acquiring an additional 98 shares during the last quarter. Finally, BCS Private Wealth Management Inc. grew its holdings in shares of nVent Electric by 1.5% during the third quarter. BCS Private Wealth Management Inc. now owns 6,631 shares of the company's stock worth $654,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 90.05% of the company's stock.

Wall Street Analysts Forecast Growth

NVT has been the topic of a number of research reports. Wolfe Research upgraded nVent Electric to an "outperform" rating in a research note on Monday, February 9th. Citigroup lifted their target price on shares of nVent Electric from $131.00 to $133.00 and gave the stock a "buy" rating in a research note on Monday, February 9th. KeyCorp boosted their price target on shares of nVent Electric from $125.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, February 9th. Glj Research started coverage on shares of nVent Electric in a research note on Thursday, March 5th. They set a "buy" rating and a $151.00 price target on the stock. Finally, Wall Street Zen downgraded shares of nVent Electric from a "strong-buy" rating to a "buy" rating in a report on Monday, February 23rd. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $138.50.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.

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