nVent Electric plc (NYSE:NVT) Sees Large Growth in Short Interest

nVent Electric plc (NYSE:NVT) saw a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 6,310,000 shares, an increase of 33.1% from the January 31st total of 4,740,000 shares. Based on an average daily volume of 1,850,000 shares, the short-interest ratio is presently 3.4 days. Approximately 3.9% of the shares of the stock are short sold.

Institutional Trading of nVent Electric

A number of institutional investors have recently made changes to their positions in NVT. First Trust Direct Indexing L.P. boosted its stake in shares of nVent Electric by 52.0% during the third quarter. First Trust Direct Indexing L.P. now owns 5,263 shares of the company’s stock valued at $370,000 after purchasing an additional 1,800 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of nVent Electric by 5.4% during the third 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 during the period. Van ECK Associates Corp boosted its stake in shares of nVent Electric by 40.0% during the third 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 during the period. Impax Asset Management Group plc boosted its stake in shares of nVent Electric by 27.1% during the third quarter. Impax Asset Management Group plc now owns 22,601 shares of the company’s stock valued at $1,588,000 after purchasing an additional 4,812 shares during the period. Finally, Marks Group Wealth Management Inc purchased a new stake in shares of nVent Electric during the third quarter valued at approximately $9,473,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVT. Barclays decreased their price objective on shares of nVent Electric from $88.00 to $83.00 and set an “overweight” rating on the stock in a research report on Monday. Citigroup decreased their price objective on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada upped their price objective on shares of nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $85.50.

nVent Electric Price Performance

NYSE NVT traded down $1.23 on Tuesday, reaching $55.12. 2,354,262 shares of the company’s stock traded hands, compared to its average volume of 1,680,222. nVent Electric has a 12 month low of $53.35 and a 12 month high of $86.57. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The stock has a 50-day simple moving average of $67.19 and a 200 day simple moving average of $69.99. The stock has a market cap of $9.10 billion, a PE ratio of 28.12, a P/E/G ratio of 1.48 and a beta of 1.31.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. As a group, research analysts predict that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s dividend payout ratio (DPR) is presently 40.82%.

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.