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

nVent Electric plc (NYSE:NVT) shares gapped down before the market opened on Monday . The stock had previously closed at $74.83, but opened at $67.50. nVent Electric shares last traded at $65.87, with a volume of 919,123 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NVT shares. Barclays raised their price target on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Royal Bank of Canada raised their price objective on shares of nVent Electric from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Citigroup cut their price target on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, KeyCorp upped their price objective on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric presently has an average rating of “Buy” and a consensus target price of $86.17.

nVent Electric Stock Down 13.8 %

The business’s 50-day moving average is $73.12 and its 200-day moving average is $71.09. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 3.49 and a beta of 1.27. 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 (NYSE:NVT) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). The business had revenue of $782.00 million for the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 EPS. As a group, equities analysts predict that nVent Electric plc will post 2.49 earnings per share for the current year.

nVent Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, January 17th. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. nVent Electric’s payout ratio is currently 23.46%.

Insider Buying and Selling

In other 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 approximately $1,972,088.91. This trade represents a 23.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sara E. Zawoyski sold 14,505 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the transaction, the chief financial officer now owns 62,215 shares of the company’s stock, valued at approximately $4,775,623.40. The trade was a 18.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,382 shares of company stock worth $7,365,956. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Hedge funds have recently modified their holdings of the business. Crews Bank & Trust purchased a new stake in nVent Electric during the 4th quarter valued at approximately $26,000. Larson Financial Group LLC increased its stake in 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. raised its position in 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 buying an additional 308 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of nVent Electric in the third quarter valued at about $29,000. Finally, Huntington National Bank lifted its position in nVent Electric by 57.3% in the third quarter. Huntington National Bank now owns 612 shares of the company’s stock valued at $43,000 after purchasing an additional 223 shares during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.