nVent Electric (NYSE:NVT) Stock Falls 9.9% - Here's What Happened

Key Points

• nVent Electric shares fell 9.9% on Wednesday, closing at $116.48 after trading as low as $115.75; trading volume was 80% below its average.
• The company’s latest quarter beat estimates, with EPS of $1.52 versus $1.40 expected and revenue of $1.51 billion versus $1.43 billion; revenue rose 43.7% year over year.
• Analysts maintain a consensus Buy rating and a $197.82 price target. nVent also declared a quarterly dividend of $0.21 per share, equal to an annualized yield of 0.8%.

nVent Electric PLC (NYSE:NVT - Get Free Report)'s share price traded down 9.9% on Wednesday. The stock traded as low as $115.75 and last traded at $116.48. 461,224 shares changed hands during trading, a decline of 80% from the average session volume of 2,282,410 shares. The stock had previously closed at $129.26.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NVT. Wall Street Zen lowered nVent Electric from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 17th. KeyCorp reissued an "overweight" rating on shares of nVent Electric in a research report on Monday. Wells Fargo & Company lifted their target price on shares of nVent Electric from $182.00 to $190.00 and gave the stock an "equal weight" rating in a report on Monday. Roth Capital reiterated a "buy" rating and issued a $200.00 target price on shares of nVent Electric in a research report on Wednesday, October 28th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $200.00 price objective on shares of nVent Electric in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $197.82.

nVent Electric Trading Down 14.4%

The company has a market cap of $17.87 billion, a PE ratio of 26.66, a price-to-earnings-growth ratio of 0.64 and a beta of 1.39. The company has a current ratio of 2.40, a quick ratio of 1.93 and a debt-to-equity ratio of 0.53. The firm has a fifty day moving average of $151.83 and a two-hundred day moving average of $144.56.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.12. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.43 billion. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The firm's quarterly revenue was up 43.7% on a year-over-year basis. During the same quarter last year, the company earned $0.91 earnings per share. As a group, sell-side analysts predict that nVent Electric PLC will post 5.39 EPS for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 6th. Investors of record on Friday, October 23rd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, October 23rd. nVent Electric's dividend payout ratio is 20.24%.

Insider Activity at nVent Electric

In other nVent Electric news, insider Robert van der Kolk sold 5,858 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $164.32, for a total transaction of $962,586.56. Following the completion of the sale, the insider directly owned 27,387 shares of the company's stock, valued at $4,500,231.84. This represents a 17.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On nVent Electric

A number of large investors have recently bought and sold shares of NVT. AlphaCore Capital LLC grew its stake in shares of nVent Electric by 22.0% in the third quarter. AlphaCore Capital LLC now owns 5,409 shares of the company's stock worth $867,000 after purchasing an additional 977 shares during the last quarter. Running Oak Capital LLC boosted its position in nVent Electric by 1.2% during the 3rd quarter. Running Oak Capital LLC now owns 73,886 shares of the company's stock valued at $11,849,000 after buying an additional 889 shares during the period. Allspring Global Investments Holdings LLC boosted its position in nVent Electric by 30.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 153,026 shares of the company's stock valued at $25,367,000 after acquiring an additional 36,115 shares in the last quarter. Point Nemo Capital LLC bought a new position in shares of nVent Electric during the third quarter valued at approximately $1,539,000. Finally, Kornitzer Capital Management Inc. KS boosted its stake in nVent Electric by 28.9% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 13,389 shares of the company's stock valued at $2,147,000 after purchasing an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company's stock.

About nVent Electric

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.

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