nVent Electric (NYSE:NVT) Shares Gap Down – Time to Sell?

Shares of nVent Electric plc (NYSE:NVT) gapped down before the market opened on Friday . The stock had previously closed at $74.57, but opened at $71.91. nVent Electric shares last traded at $70.83, with a volume of 708,913 shares.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. KeyCorp upped their target price on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Barclays decreased their target price on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $85.67.

nVent Electric Trading Down 7.5 %

The business’s 50-day moving average price is $69.45 and its 200 day moving average price is $73.16. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 1.52 and a beta of 1.27. 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 (NYSE:NVT) last announced its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $892.89 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. On average, equities analysts forecast that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be paid a $0.19 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.10%. nVent Electric’s dividend payout ratio (DPR) is presently 22.22%.

Insider Buying and Selling at nVent Electric

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

Hedge Funds Weigh In On nVent Electric

Several institutional investors have recently made changes to their positions in NVT. Swedbank AB bought a new position in nVent Electric during the 3rd quarter worth $110,663,000. Millennium Management LLC grew its position in shares of nVent Electric by 159.9% during the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after acquiring an additional 828,425 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after purchasing an additional 673,990 shares during the last quarter. HM Payson & Co. grew its position in nVent Electric by 109,496.5% in the 3rd quarter. HM Payson & Co. now owns 438,386 shares of the company’s stock worth $30,801,000 after purchasing an additional 437,986 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in nVent Electric in the 1st quarter worth approximately $22,784,000. 90.05% of the stock is owned by 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.