nVent Electric plc (NYSE:NVT) Short Interest Down 18.0% in November

nVent Electric plc (NYSE:NVT) was the target of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 2,650,000 shares, a decrease of 18.0% from the November 15th total of 3,230,000 shares. Based on an average daily volume of 1,680,000 shares, the short-interest ratio is currently 1.6 days. Currently, 1.6% of the shares of the company are sold short.

nVent Electric Price Performance

Shares of NYSE NVT traded down $0.56 during midday trading on Friday, hitting $75.03. The stock had a trading volume of 1,439,354 shares, compared to its average volume of 1,569,457. The company has a market capitalization of $12.37 billion, a PE ratio of 21.99, a P/E/G ratio of 3.88 and a beta of 1.25. The stock has a 50 day simple moving average of $74.96 and a 200-day simple moving average of $72.78. nVent Electric has a 1 year low of $55.19 and a 1 year high of $86.57. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.84 EPS. On average, sell-side analysts expect that nVent Electric will post 2.5 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.19 per share. The ex-dividend date was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 1.01%. nVent Electric’s payout ratio is 22.29%.

Insider Activity

In related news, EVP Jon D. Lammers sold 67,297 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the sale, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Randolph A. Wacker sold 8,022 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the sale, the chief accounting officer now directly owns 25,993 shares in the company, valued at approximately $1,972,088.91. This trade represents a 23.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,382 shares of company stock valued at $7,365,956. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its position in nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after buying an additional 1,269,335 shares in the last quarter. State Street Corp increased its stake in nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after acquiring an additional 42,465 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after acquiring an additional 673,990 shares during the last quarter. Geode Capital Management LLC increased its stake in nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after acquiring an additional 29,794 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in nVent Electric by 23.6% during the third quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock worth $171,492,000 after acquiring an additional 466,042 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup increased their price target on nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. KeyCorp increased their price target on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Barclays increased their price target on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada lowered their price target on nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $85.50.

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.