nVent Electric (NYSE:NVT) Issues FY24 Earnings Guidance

nVent Electric (NYSE:NVT - Get Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $3.17-3.27 for the period, compared to the consensus estimate of $3.26. The company issued revenue guidance of +8-10% yr/yr to ~$3.52-3.59 billion, compared to the consensus revenue estimate of $3.57 billion. nVent Electric also updated its FY 2024 guidance to 3.220-3.300 EPS.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NVT. The Goldman Sachs Group lifted their target price on nVent Electric from $69.00 to $77.00 and gave the stock a buy rating in a research note on Friday, March 15th. Barclays upped their price objective on shares of nVent Electric from $74.00 to $85.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Royal Bank of Canada lifted their target price on shares of nVent Electric from $65.00 to $72.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Citigroup upped their price target on shares of nVent Electric from $71.00 to $91.00 and gave the company a buy rating in a research note on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of nVent Electric in a research report on Monday, March 11th. They set a buy rating and a $83.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, nVent Electric currently has a consensus rating of Moderate Buy and a consensus target price of $81.60.

nVent Electric Stock Performance

nVent Electric stock traded up $3.99 during midday trading on Friday, hitting $75.89. The company's stock had a trading volume of 3,013,010 shares, compared to its average volume of 1,314,077. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.82 and a quick ratio of 1.22. The company has a market cap of $12.59 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 1.53 and a beta of 1.35. nVent Electric has a 1-year low of $40.22 and a 1-year high of $78.98. The company has a 50-day moving average price of $72.22 and a two-hundred day moving average price of $61.65.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.03. The company had revenue of $861.20 million during the quarter, compared to the consensus estimate of $866.90 million. nVent Electric had a net margin of 17.38% and a return on equity of 17.53%. The firm's quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 earnings per share. As a group, sell-side analysts predict that nVent Electric will post 3.24 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Thursday, April 25th. nVent Electric's payout ratio is currently 22.55%.

Insider Buying and Selling

In other nVent Electric news, CEO Beth Wozniak sold 198,211 shares of the firm's stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $64.29, for a total value of $12,742,985.19. Following the transaction, the chief executive officer now directly owns 342 shares of the company's stock, valued at approximately $21,987.18. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Randall J. Hogan sold 184,572 shares of the company's stock in a transaction on Friday, February 9th. The stock was sold at an average price of $64.03, for a total transaction of $11,818,145.16. Following the completion of the sale, the director now directly owns 8,277 shares in the company, valued at approximately $529,976.31. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Beth Wozniak sold 198,211 shares of nVent Electric stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $64.29, for a total value of $12,742,985.19. Following the completion of the transaction, the chief executive officer now owns 342 shares in the company, valued at approximately $21,987.18. The disclosure for this sale can be found here. Insiders sold 400,252 shares of company stock valued at $25,713,777 over the last quarter. 2.50% of the stock is owned by company insiders.

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.

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