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

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

Insider Activity at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at $1,972,088.91. This trade represents a 23.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $80.00, for a total value of $524,640.00. Following the sale, the director now directly owns 45,040 shares in the company, valued at $3,603,200. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,382 shares of company stock worth $7,365,956 in the last three months. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On nVent Electric

Large investors have recently modified their holdings of the stock. Larson Financial Group LLC lifted its holdings in shares of nVent Electric by 91.9% in the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock valued at $27,000 after buying an additional 181 shares during the period. UMB Bank n.a. grew its stake in shares of nVent Electric by 280.0% during the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after purchasing an additional 308 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of nVent Electric in the third quarter valued at about $29,000. ORG Partners LLC purchased a new stake in nVent Electric during the second quarter worth about $31,000. Finally, First Foundation Advisors acquired a new stake in shares of nVent Electric during the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Performance

NYSE:NVT traded up $0.59 during mid-day trading on Monday, reaching $75.62. 489,246 shares of the stock were exchanged, compared to its average volume of 1,564,901. 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 has a 1 year low of $55.19 and a 1 year high of $86.57. The company has a 50 day simple moving average of $74.96 and a 200-day simple moving average of $72.63. The stock has a market capitalization of $12.46 billion, a P/E ratio of 22.23, a P/E/G ratio of 3.88 and a beta of 1.25.

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

nVent Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a $0.20 dividend. This is an increase from nVent Electric’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. nVent Electric’s dividend payout ratio (DPR) is 22.29%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. KeyCorp boosted their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada cut their price target on nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Barclays upped their price objective 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, Citigroup boosted their target price on nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock 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.