nVent Electric (NYSE:NVT) Shares Gap Up on Strong Earnings

nVent Electric plc (NYSE:NVT)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $56.39, but opened at $59.89. nVent Electric shares last traded at $59.50, with a volume of 585,926 shares.

The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The firm had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 25th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.34%. nVent Electric’s payout ratio is currently 22.86%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup dropped their price objective on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, March 17th. Royal Bank of Canada increased their price objective on nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. The Goldman Sachs Group cut their target price on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, KeyCorp decreased their price target on nVent Electric from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $69.00.

Institutional Trading of nVent Electric

A number of hedge funds have recently bought and sold shares of NVT. Crews Bank & Trust acquired a new position in shares of nVent Electric in the 4th quarter valued at $26,000. Capital A Wealth Management LLC acquired a new position in nVent Electric in the fourth quarter worth about $27,000. Whipplewood Advisors LLC lifted its stake in nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. Hughes Financial Services LLC acquired a new stake in nVent Electric during the first quarter valued at approximately $36,000. Finally, Park Square Financial Group LLC bought a new stake in shares of nVent Electric in the 4th quarter valued at approximately $38,000. 90.05% of the stock is owned by institutional investors.

nVent Electric Stock Performance

The stock has a fifty day moving average price of $53.63 and a 200-day moving average price of $65.35. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 1.48 and a beta of 1.24.

About nVent Electric

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.