nVent Electric (NYSE:NVT) Shares Gap Down – What’s Next?

nVent Electric plc (NYSE:NVT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $74.57, but opened at $71.91. nVent Electric shares last traded at $70.83, with a volume of 708,913 shares traded.

Analyst Upgrades and Downgrades

NVT has been the subject of several recent research reports. Royal Bank of Canada decreased their price objective on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. 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. Finally, Barclays cut their price target 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, nVent Electric has an average rating of “Buy” and a consensus target price of $85.67.

nVent Electric Price Performance

The stock has a 50-day moving average price of $69.45 and a 200 day moving average price of $73.16. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 1.52 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49.

nVent Electric (NYSE:NVT) last announced 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). The business had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. nVent Electric’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. As a group, equities research analysts forecast that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Friday, October 18th. nVent Electric’s dividend payout ratio (DPR) is presently 22.22%.

Insider Activity at nVent Electric

In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 19,766 shares in the company, valued at approximately $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 can be accessed through the SEC website. In other news, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 19,766 shares in the company, valued at $1,251,978.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Institutional Trading of nVent Electric

Several hedge funds and other institutional investors have recently made changes to their positions in NVT. Principal Financial Group Inc. grew its position in nVent Electric by 1.7% during the third quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company’s stock worth $123,891,000 after buying an additional 28,876 shares during the period. Marks Group Wealth Management Inc purchased a new stake in shares of nVent Electric during the 3rd quarter worth approximately $9,473,000. Impax Asset Management Group plc grew its holdings in shares of nVent Electric by 27.1% in the 3rd quarter. Impax Asset Management Group plc now owns 22,601 shares of the company’s stock worth $1,588,000 after acquiring an additional 4,812 shares during the period. Van ECK Associates Corp increased its stake in nVent Electric by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 96,214 shares of the company’s stock valued at $7,026,000 after purchasing an additional 27,492 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in nVent Electric by 5.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 24,807 shares of the company’s stock valued at $1,743,000 after purchasing an additional 1,273 shares in the last quarter. Institutional investors and hedge funds own 90.05% 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.