nVent Electric (NYSE:NVT) Shares Down 9.9% – Time to Sell?

nVent Electric PLC (NYSE:NVT)’s stock price dropped 9.9% on Wednesday. The stock traded as low as $115.75 and last traded at $116.48. Approximately 461,224 shares traded hands during trading, a decline of 80% from the average session volume of 2,282,410 shares. The stock had previously closed at $129.26.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NVT shares. BMO Capital Markets assumed coverage on shares of nVent Electric in a research note on Sunday, October 4th. They issued an “outperform” rating and a $212.00 target price on the stock. The Goldman Sachs Group restated a “buy” rating and set a $200.00 price target on shares of nVent Electric in a research note on Saturday, August 1st. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $233.00 price objective on shares of nVent Electric in a report on Monday. JPMorgan Chase & Co. assumed coverage on nVent Electric in a report on Tuesday, October 20th. They set an “overweight” rating and a $167.00 price objective on the stock. Finally, Citigroup lowered their price objective on nVent Electric from $228.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $197.82.

nVent Electric Stock Performance

The stock has a market capitalization of $16.99 billion, a price-to-earnings ratio of 25.34, a price-to-earnings-growth ratio of 0.57 and a beta of 1.39. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.40 and a quick ratio of 1.93. The stock has a 50-day moving average of $149.89 and a 200 day moving average of $144.51.

nVent Electric (NYSE:NVT) last issued its earnings results on Friday, October 30th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.12. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.43 billion. nVent Electric had a net margin of 12.84% and a return on equity of 20.82%. The company’s revenue for the quarter was up 43.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. On average, analysts expect that nVent Electric PLC will post 5.36 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 6th. Investors of record on Friday, October 23rd will be given a $0.21 dividend. The ex-dividend date is Friday, October 23rd. This represents a $0.84 annualized dividend and a dividend yield of 0.8%. nVent Electric’s payout ratio is currently 20.24%.

Insider Buying and Selling at nVent Electric

In related news, insider Robert van der Kolk sold 5,858 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $164.32, for a total value of $962,586.56. Following the completion of the transaction, the insider directly owned 27,387 shares of the company’s stock, valued at approximately $4,500,231.84. This represents a 17.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by company insiders.

Institutional Trading of nVent Electric

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC lifted its position in shares of nVent Electric by 16.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 76,540 shares of the company’s stock worth $12,982,000 after buying an additional 11,033 shares during the last quarter. State Street Corp boosted its stake in nVent Electric by 4.9% in the second quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after buying an additional 250,248 shares in the last quarter. Alua Capital Management LP acquired a new stake in nVent Electric in the first quarter valued at about $27,394,000. Engineers Gate Manager LP grew its position in nVent Electric by 327.1% in the second quarter. Engineers Gate Manager LP now owns 33,538 shares of the company’s stock valued at $5,688,000 after acquiring an additional 25,686 shares during the last quarter. Finally, Moore Capital Management LP bought a new position in nVent Electric in the second quarter valued at about $4,099,000. Institutional investors own 90.05% of the company’s stock.

nVent Electric Company Profile

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.