nVent Electric plc (NYSE:NVT) Sees Large Drop in Short Interest

nVent Electric plc (NYSE:NVT) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 1,890,000 shares, a decrease of 13.3% from the May 31st total of 2,180,000 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average trading volume of 1,550,000 shares, the short-interest ratio is presently 1.2 days.

nVent Electric Stock Up 0.6 %

Shares of nVent Electric stock opened at $76.61 on Friday. The company has a fifty day moving average price of $78.70 and a 200 day moving average price of $69.86. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. nVent Electric has a twelve month low of $45.60 and a twelve month high of $86.57. The stock has a market cap of $12.72 billion, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 1.76 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its earnings results on Friday, May 3rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business had revenue of $874.60 million for the quarter, compared to the consensus estimate of $864.14 million. During the same period last year, the business posted $0.67 EPS. The company’s revenue was up 18.0% on a year-over-year basis. Equities research analysts forecast that nVent Electric will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a $0.19 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. nVent Electric’s payout ratio is currently 22.16%.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in shares of nVent Electric by 15.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,008 shares of the company’s stock valued at $145,000 after purchasing an additional 272 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of nVent Electric by 18.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after buying an additional 46,748 shares during the period. Boston Partners grew its position in shares of nVent Electric by 3.2% during the 1st quarter. Boston Partners now owns 3,325,834 shares of the company’s stock valued at $250,770,000 after buying an additional 102,643 shares during the last quarter. Cetera Advisors LLC boosted its stake in nVent Electric by 58.6% in the first quarter. Cetera Advisors LLC now owns 8,596 shares of the company’s stock valued at $648,000 after acquiring an additional 3,177 shares during the period. Finally, Cetera Investment Advisers grew its holdings in shares of nVent Electric by 143.8% during the first quarter. Cetera Investment Advisers now owns 46,103 shares of the company’s stock valued at $3,476,000 after purchasing an additional 27,196 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NVT shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of nVent Electric in a research note on Monday, March 11th. They issued a “buy” rating and a $83.00 price objective on the stock. Citigroup raised their price objective on shares of nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Royal Bank of Canada dropped their target price on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, May 6th. The Goldman Sachs Group lifted their price objective on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Barclays raised their target price on shares of nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

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.