nVent Electric PLC (NYSE:NVT) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,147,700 shares, a decline of 5.0% from the May 15th total of 3,314,100 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average daily volume of 1,250,000 shares, the days-to-cover ratio is presently 2.5 days.
In other news, Director Michael L. Ducker acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were bought at an average price of $24.07 per share, with a total value of $48,140.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Trian Fund Management, L.P. sold 366,901 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $26.03, for a total value of $9,550,433.03. The disclosure for this sale can be found here. Insiders have sold a total of 4,015,786 shares of company stock valued at $101,315,702 in the last 90 days. Insiders own 1.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Machina Capital S.A.S. bought a new position in nVent Electric during the 2nd quarter worth about $222,000. NEXT Financial Group Inc grew its holdings in shares of nVent Electric by 22,488.9% in the 2nd quarter. NEXT Financial Group Inc now owns 14,231 shares of the company’s stock valued at $353,000 after acquiring an additional 14,168 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of nVent Electric by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 65,794 shares of the company’s stock valued at $1,631,000 after acquiring an additional 922 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of nVent Electric by 14.7% in the 2nd quarter. Raymond James Trust N.A. now owns 9,194 shares of the company’s stock valued at $228,000 after acquiring an additional 1,175 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of nVent Electric by 16.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 53,170 shares of the company’s stock valued at $1,318,000 after acquiring an additional 7,600 shares in the last quarter. 86.09% of the stock is owned by hedge funds and other institutional investors.
nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, April 25th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. nVent Electric had a return on equity of 11.66% and a net margin of 10.62%. The company had revenue of $538.00 million during the quarter, compared to analysts’ expectations of $546.43 million. The company’s quarterly revenue was down .2% compared to the same quarter last year. On average, research analysts forecast that nVent Electric will post 1.86 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $0.70 annualized dividend and a dividend yield of 2.89%. nVent Electric’s dividend payout ratio is presently 40.23%.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research raised Hudson Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. ValuEngine upgraded Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Finally, Buckingham Research set a $31.00 price target on nVent Electric and gave the company a “buy” rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $28.67.
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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