nVent Electric PLC (NYSE:NVT) Sees Significant Growth in Short Interest

nVent Electric PLC (NYSE:NVT) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 3,560,000 shares, an increase of 11.9% from the August 15th total of 3,180,000 shares. Currently, 2.1% of the company’s stock are sold short. Based on an average trading volume of 1,260,000 shares, the short-interest ratio is currently 2.8 days.

Shares of nVent Electric stock traded up $0.14 during midday trading on Friday, hitting $21.90. The company had a trading volume of 2,575,700 shares, compared to its average volume of 1,177,811. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 12.59 and a beta of 1.64. The company has a quick ratio of 1.25, a current ratio of 1.87 and a debt-to-equity ratio of 0.41. The company has a fifty day simple moving average of $21.16 and a 200 day simple moving average of $24.42. nVent Electric has a 12-month low of $19.28 and a 12-month high of $28.49.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.44 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.44. nVent Electric had a net margin of 11.43% and a return on equity of 11.69%. The company had revenue of $539.50 million during the quarter, compared to analyst estimates of $550.75 million. During the same period last year, the firm posted $0.44 EPS. nVent Electric’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts expect that nVent Electric will post 1.79 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Thursday, October 17th. nVent Electric’s dividend payout ratio is presently 40.23%.

In other news, CEO Beth Wozniak purchased 5,000 shares of the stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of $21.29 per share, for a total transaction of $106,450.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael L. Ducker purchased 2,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $20.51 per share, for a total transaction of $41,020.00. The disclosure for this purchase can be found here. 1.60% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Personal Wealth Partners purchased a new position in shares of nVent Electric during the 2nd quarter valued at approximately $27,000. First Interstate Bank purchased a new position in shares of nVent Electric during the 2nd quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC purchased a new position in shares of nVent Electric during the 2nd quarter valued at approximately $84,000. Point72 Asset Management L.P. purchased a new position in shares of nVent Electric during the 2nd quarter valued at approximately $87,000. Finally, Captrust Financial Advisors increased its holdings in shares of nVent Electric by 19.7% during the 2nd quarter. Captrust Financial Advisors now owns 5,183 shares of the company’s stock valued at $128,000 after purchasing an additional 853 shares in the last quarter. 85.67% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on the stock. Barclays restated a “hold” rating and issued a $25.00 price target on shares of nVent Electric in a report on Sunday, August 4th. ValuEngine cut shares of nVent Electric from a “sell” rating to a “strong sell” rating in a report on Thursday, July 11th. Zacks Investment Research cut shares of nVent Electric from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Vertical Research cut shares of nVent Electric from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Buckingham Research cut shares of nVent Electric from a “buy” rating to a “neutral” rating and lowered their price target for the company from $29.00 to $23.00 in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $27.33.

About nVent Electric

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.

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