Short Interest in nVent Electric PLC (NYSE:NVT) Expands By 27.9%

nVent Electric PLC (NYSE:NVT - Get Free Report) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 8,290,000 shares, an increase of 27.9% from the May 15th total of 6,480,000 shares. Approximately 5.1% of the company's stock are sold short. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is presently 3.7 days.

nVent Electric Stock Performance

nVent Electric stock opened at $69.86 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42. The firm has a market capitalization of $11.50 billion, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 1.41 and a beta of 1.30. nVent Electric has a 1-year low of $41.71 and a 1-year high of $81.55. The company's 50-day moving average is $61.11 and its 200 day moving average is $63.35.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Friday, May 2nd. 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 13.54% and a net margin of 18.22%. The business's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the company earned $0.78 earnings per share. Research analysts forecast that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is 22.86%.

Insiders Place Their Bets

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the sale, the executive vice president now owns 32,665 shares of the company's stock, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On nVent Electric

Several hedge funds have recently modified their holdings of the business. First Hawaiian Bank boosted its position in nVent Electric by 4.5% during the first quarter. First Hawaiian Bank now owns 37,388 shares of the company's stock valued at $1,960,000 after purchasing an additional 1,618 shares in the last quarter. Strs Ohio purchased a new stake in shares of nVent Electric during the first quarter valued at about $5,294,000. Geneos Wealth Management Inc. boosted its holdings in shares of nVent Electric by 436.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,072 shares of the company's stock valued at $56,000 after buying an additional 872 shares in the last quarter. Intech Investment Management LLC grew its position in shares of nVent Electric by 36.3% in the 1st quarter. Intech Investment Management LLC now owns 117,705 shares of the company's stock worth $6,170,000 after buying an additional 31,355 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of nVent Electric by 2.7% in the 1st quarter. Focus Partners Wealth now owns 122,969 shares of the company's stock worth $6,446,000 after buying an additional 3,212 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Barclays lifted their price target on shares of nVent Electric from $70.00 to $74.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Royal Bank Of Canada increased their price target on nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Citigroup decreased their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group lowered their price objective on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Finally, Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $70.67.

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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