nVent Electric plc (NYSE:NVT) Short Interest Update

nVent Electric plc (NYSE:NVT) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totalling 1,890,000 shares, a decline of 13.3% from the May 31st total of 2,180,000 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily volume of 1,550,000 shares, the days-to-cover ratio is currently 1.2 days.

nVent Electric Price Performance

nVent Electric stock traded down $1.48 during midday trading on Monday, hitting $75.13. 1,189,209 shares of the company’s stock were exchanged, compared to its average volume of 1,405,046. The stock has a 50-day moving average price of $78.70 and a two-hundred day moving average price of $69.95. nVent Electric has a 52-week low of $45.60 and a 52-week high of $86.57. The company has a market cap of $12.47 billion, a P/E ratio of 21.90, a PEG ratio of 1.68 and a beta of 1.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.35 and a current ratio of 1.99.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Friday, May 3rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $864.14 million. During the same quarter in the prior year, the company posted $0.67 EPS. nVent Electric’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, equities research analysts forecast that nVent Electric will post 3.27 earnings per share for the current year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be paid a $0.19 dividend. The ex-dividend date is Friday, July 19th. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. nVent Electric’s payout ratio is 22.16%.

Institutional Investors Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of NVT. FinTrust Capital Advisors LLC raised its position in nVent Electric by 17.5% in the 4th quarter. FinTrust Capital Advisors LLC now owns 1,056 shares of the company’s stock worth $62,000 after buying an additional 157 shares during the last quarter. HMS Capital Management LLC increased its position in shares of nVent Electric by 3.2% during the 1st quarter. HMS Capital Management LLC now owns 5,837 shares of the company’s stock valued at $440,000 after purchasing an additional 183 shares during the last quarter. Private Advisor Group LLC raised its position in nVent Electric by 3.2% in the fourth quarter. Private Advisor Group LLC now owns 6,216 shares of the company’s stock worth $367,000 after acquiring an additional 191 shares during the period. State of Michigan Retirement System boosted its stake in shares of nVent Electric by 0.5% during the 4th quarter. State of Michigan Retirement System now owns 39,806 shares of the company’s stock worth $2,352,000 after acquiring an additional 200 shares during the last quarter. Finally, Quent Capital LLC grew its position in shares of nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock valued at $25,000 after acquiring an additional 234 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analysts Set New Price Targets

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

nVent Electric Company Profile

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.