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

nVent Electric (NYSE:NVT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 2.490-2.510 for the period, compared to the consensus earnings per share estimate of 3.260. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. nVent Electric also updated its Q4 2024 guidance to 0.580-0.600 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NVT shares. KeyCorp raised their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Barclays lowered their price objective on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada cut their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $85.33.

nVent Electric Trading Up 0.7 %

Shares of nVent Electric stock traded up $0.51 during trading hours on Monday, hitting $68.79. The company’s stock had a trading volume of 3,563,321 shares, compared to its average volume of 1,567,538. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 1.52 and a beta of 1.26. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. nVent Electric has a twelve month low of $49.08 and a twelve month high of $86.57. The firm has a fifty day moving average of $69.47 and a 200-day moving average of $73.12.

nVent Electric (NYSE:NVT) last posted its earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. During the same period in the previous year, the company earned $0.77 EPS. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. Research analysts forecast that nVent Electric will post 3.26 EPS for the current year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s payout ratio is 22.22%.

Insiders Place Their Bets

In other news, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now owns 34,524 shares of the company’s stock, valued at $2,268,572.04. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now directly owns 19,766 shares of the company’s stock, valued at $1,251,978.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herbert K. Parker purchased 7,566 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the transaction, the director now directly owns 34,524 shares in the company, valued at $2,268,572.04. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is owned by insiders.

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.