nVent Electric (NYSE:NVT) Releases FY 2024 Earnings Guidance

nVent Electric (NYSE:NVT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 2.490-2.510 for the period, compared to the consensus earnings per share estimate of 3.260. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. nVent Electric also updated its Q4 2024 guidance to 0.580-0.600 EPS.

nVent Electric Stock Performance

Shares of nVent Electric stock opened at $74.44 on Friday. The stock has a market capitalization of $12.37 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 1.52 and a beta of 1.27. The firm’s fifty day simple moving average is $69.45 and its 200-day simple moving average is $73.16. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. nVent Electric has a 12 month low of $47.08 and a 12 month high of $86.57.

nVent Electric (NYSE:NVT) last announced its earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The business had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. During the same period in the previous year, the company posted $0.77 earnings per share. nVent Electric’s quarterly revenue was up 9.6% on a year-over-year basis. As a group, equities analysts forecast that nVent Electric will post 3.26 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. nVent Electric’s dividend payout ratio (DPR) is currently 22.22%.

Wall Street Analysts Forecast Growth

NVT has been the subject of several recent research reports. Barclays decreased their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. KeyCorp raised their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada dropped their price target on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $85.67.

Insider Transactions at nVent Electric

In related news, Director Herbert K. Parker acquired 7,566 shares of nVent Electric stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the purchase, the director now directly owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Herbert K. Parker acquired 7,566 shares of nVent Electric stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the acquisition, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total value of $1,267,053.36. Following the sale, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

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.