nVent Electric PLC (NYSE:NVT) Sees Significant Increase in Short Interest

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

Analyst Ratings Changes

NVT has been the topic of a number of research analyst reports. Citigroup cut their target price on nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. Barclays boosted their price target on shares of nVent Electric from $70.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. KeyCorp boosted their price target on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group lowered their target price on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, nVent Electric has an average rating of "Buy" and an average price target of $70.67.

Insiders Place Their Bets

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the sale, the executive vice president now owns 32,665 shares of the company's stock, valued at $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC boosted its position in nVent Electric by 12.6% during the fourth quarter. LPL Financial LLC now owns 140,043 shares of the company's stock worth $9,545,000 after acquiring an additional 15,685 shares during the last quarter. Haverford Trust Co increased its stake in nVent Electric by 0.8% during the 4th quarter. Haverford Trust Co now owns 553,146 shares of the company's stock worth $37,702,000 after buying an additional 4,538 shares during the period. HighTower Advisors LLC increased its stake in nVent Electric by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 32,230 shares of the company's stock worth $2,197,000 after buying an additional 1,052 shares during the period. American Century Companies Inc. increased its stake in nVent Electric by 20.7% during the 4th quarter. American Century Companies Inc. now owns 74,262 shares of the company's stock worth $5,062,000 after buying an additional 12,759 shares during the period. Finally, Boothbay Fund Management LLC purchased a new stake in nVent Electric during the 4th quarter worth $290,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

NYSE NVT traded down $0.21 during trading hours on Friday, hitting $70.26. The company had a trading volume of 1,629,687 shares, compared to its average volume of 1,944,614. The business has a 50 day moving average of $62.32 and a 200-day moving average of $63.19. nVent Electric has a 1-year low of $41.71 and a 1-year high of $81.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The company has a market cap of $11.57 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 1.41 and a beta of 1.30.

nVent Electric (NYSE:NVT - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to analysts' expectations of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The business's revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. As a group, equities research analysts expect that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

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.