nVent Electric (NYSE:NVT) Releases Q3 Earnings Guidance

nVent Electric (NYSE:NVT) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.80-0.82 for the period, compared to the consensus earnings per share estimate of $0.86. The company issued revenue guidance of +8-10% yr/yr to $927.8-944.9 million, compared to the consensus revenue estimate of $918.30 million. nVent Electric also updated its FY 2024 guidance to 3.230-3.290 EPS.

nVent Electric Stock Performance

NYSE NVT opened at $62.77 on Friday. The firm has a market cap of $10.42 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 1.52 and a beta of 1.31. 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 1-year low of $45.60 and a 1-year high of $86.57. The company has a 50 day moving average of $75.22 and a 200-day moving average of $72.84.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The business had revenue of $880.30 million during the quarter, compared to the consensus estimate of $892.89 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.77 EPS. On average, equities analysts forecast that nVent Electric will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Friday, July 19th were given a dividend of $0.19 per share. The ex-dividend date was Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.21%. nVent Electric’s payout ratio is 22.16%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NVT shares. Citigroup upped their price objective on nVent Electric from $91.00 to $92.00 and gave the stock a buy rating in a report on Monday, May 6th. Royal Bank of Canada cut their price target on nVent Electric from $88.00 to $82.00 and set an outperform rating on the stock in a research note on Wednesday. The Goldman Sachs Group raised their price target on nVent Electric from $77.00 to $87.00 and gave the company a buy rating in a report on Monday, May 6th. Finally, Barclays boosted their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an overweight rating in a report on Tuesday, June 4th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of Buy and a consensus price target of $87.80.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now directly owns 30,432 shares in the company, valued at approximately $1,833,832.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.50% of the company’s stock.

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.