nVent Electric plc Forecasted to Post Q3 2024 Earnings of $0.86 Per Share (NYSE:NVT)

nVent Electric plc (NYSE:NVT) – Research analysts at William Blair reduced their Q3 2024 earnings estimates for shares of nVent Electric in a research note issued to investors on Monday, May 6th. William Blair analyst B. Drab now expects that the company will post earnings per share of $0.86 for the quarter, down from their prior forecast of $0.87. The consensus estimate for nVent Electric’s current full-year earnings is $3.25 per share. William Blair also issued estimates for nVent Electric’s Q4 2024 earnings at $0.80 EPS and FY2024 earnings at $3.25 EPS.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. The company had revenue of $874.60 million for the quarter, compared to analysts’ expectations of $864.14 million. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. nVent Electric’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share.

A number of other research firms have also weighed in on NVT. Barclays upped their price objective on shares of nVent Electric from $74.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Deutsche Bank Aktiengesellschaft began coverage on shares of nVent Electric in a research note on Monday, March 11th. They set a “buy” rating and a $83.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday. Citigroup increased their target price on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Monday. Finally, Royal Bank of Canada reduced their price target on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.00.

nVent Electric Price Performance

NVT opened at $82.07 on Wednesday. The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of 23.93, a PEG ratio of 1.63 and a beta of 1.35. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. nVent Electric has a 12-month low of $40.22 and a 12-month high of $82.30. The business’s fifty day simple moving average is $73.41 and its 200-day simple moving average is $62.65.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVT. FMR LLC increased its holdings in shares of nVent Electric by 41.8% in the third quarter. FMR LLC now owns 6,556,055 shares of the company’s stock valued at $347,405,000 after purchasing an additional 1,932,142 shares during the period. Massachusetts Financial Services Co. MA boosted its position in nVent Electric by 68.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,952,040 shares of the company’s stock valued at $209,419,000 after buying an additional 1,604,534 shares during the last quarter. Clean Energy Transition LLP increased its holdings in nVent Electric by 1.6% in the 4th quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock worth $150,121,000 after buying an additional 39,169 shares during the period. Congress Asset Management Co. MA raised its position in nVent Electric by 1.2% during the 1st quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock worth $167,338,000 after buying an additional 26,897 shares during the last quarter. Finally, Norges Bank purchased a new position in nVent Electric during the 4th quarter worth approximately $109,630,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Insider Activity

In other news, Director Jerry W. Burris sold 4,008 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the sale, the director now owns 43,072 shares in the company, valued at $2,730,334.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other nVent Electric news, insider Michael B. Faulconer sold 10,961 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the transaction, the insider now owns 33,109 shares of the company’s stock, valued at $2,229,228.97. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jerry W. Burris sold 4,008 shares of nVent Electric stock in a transaction on Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the sale, the director now owns 43,072 shares of the company’s stock, valued at $2,730,334.08. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Thursday, April 25th. nVent Electric’s payout ratio is presently 22.16%.

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.