nVent Electric (NYSE:NVT) Updates Q3 2024 Earnings Guidance

nVent Electric (NYSE:NVT) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.800-0.820 for the period, compared to the consensus earnings per share estimate of 0.860. The company issued revenue guidance of $927.5 million-$944.7 million, compared to the consensus revenue estimate of $907.5 million. nVent Electric also updated its FY 2024 guidance to 3.230-3.290 EPS.

Analyst Ratings Changes

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

nVent Electric Price Performance

nVent Electric stock traded up $0.94 during mid-day trading on Friday, hitting $63.72. The stock had a trading volume of 1,500,225 shares, compared to its average volume of 1,505,156. The firm has a market capitalization of $10.58 billion, a P/E ratio of 18.30, a P/E/G 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. The firm’s 50 day moving average is $75.22 and its 200 day moving average is $72.84. nVent Electric has a one year low of $45.60 and a one year high of $86.57.

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

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Friday, July 19th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Friday, July 19th. nVent Electric’s payout ratio is currently 22.16%.

Insiders Place Their Bets

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

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.