nVent Electric (NYSE:NVT) Posts Earnings Results, Beats Estimates By $0.09 EPS

Posted by Defense World Staff on Jul 31st, 2023

nVent Electric (NYSE:NVT – Get Free Report) issued its quarterly earnings results on Friday. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.09, Briefing.com reports. The company had revenue of $803.00 million for the quarter, compared to the consensus estimate of $809.05 million. nVent Electric had a net margin of 15.14% and a return on equity of 16.85%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. nVent Electric updated its Q3 guidance to $0.72-0.74 EPS and its FY23 guidance to $2.85-2.91 EPS.

nVent Electric Trading Up 1.7 %

Shares of NVT opened at $53.21 on Monday. The business’s 50-day moving average price is $49.11 and its 200-day moving average price is $44.84. nVent Electric has a twelve month low of $30.48 and a twelve month high of $55.61. The stock has a market cap of $8.82 billion, a PE ratio of 19.56 and a beta of 1.34. The company has a quick ratio of 1.32, a current ratio of 2.09 and a debt-to-equity ratio of 0.67.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 4th. Investors of record on Friday, July 21st will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Thursday, July 20th. nVent Electric’s dividend payout ratio is currently 25.74%.

Insider Activity

In other news, CEO Beth Wozniak sold 10,028 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $46.00, for a total transaction of $461,288.00. Following the sale, the chief executive officer now directly owns 82,478 shares in the company, valued at $3,793,988. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Sara E. Zawoyski sold 2,178 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $45.17, for a total value of $98,380.26. Following the transaction, the chief financial officer now directly owns 63,778 shares in the company, valued at $2,880,852.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Beth Wozniak sold 10,028 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $46.00, for a total transaction of $461,288.00. Following the completion of the transaction, the chief executive officer now owns 82,478 shares in the company, valued at $3,793,988. The disclosure for this sale can be found here. Insiders have sold a total of 27,293 shares of company stock worth $1,247,474 over the last ninety days. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NVT. NewEdge Advisors LLC increased its position in shares of nVent Electric by 10.8% in the first quarter. NewEdge Advisors LLC now owns 2,897 shares of the company’s stock worth $124,000 after purchasing an additional 283 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in nVent Electric in the first quarter worth approximately $141,000. Captrust Financial Advisors boosted its stake in nVent Electric by 16.2% in the second quarter. Captrust Financial Advisors now owns 5,375 shares of the company’s stock worth $168,000 after buying an additional 751 shares in the last quarter. Point72 Middle East FZE purchased a new stake in nVent Electric in the fourth quarter worth approximately $182,000. Finally, Stonebridge Capital Advisors LLC boosted its stake in nVent Electric by 11.6% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 5,022 shares of the company’s stock worth $193,000 after buying an additional 522 shares in the last quarter. 86.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NVT shares. Royal Bank of Canada boosted their price target on shares of nVent Electric from $50.00 to $53.00 in a report on Monday, May 22nd. William Blair assumed coverage on shares of nVent Electric in a report on Thursday. They issued an “outperform” rating on the stock. Barclays boosted their price objective on nVent Electric from $53.00 to $55.00 in a research note on Monday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on nVent Electric from $55.00 to $58.00 in a research note on Tuesday, May 30th.

nVent Electric Company Profile

(Get Free Report)

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products worldwide. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The Enclosures segment provides solutions to connect and protect critical electronics, communication, control, and power equipment; physical infrastructure solutions to host, connect, and protect server and network equipment; indoor and outdoor protection for test and measurement and aerospace and defense applications in industrial, infrastructure, commercial, and energy verticals; and metallic and non-metallic enclosures, cabinets, sub racks, and backplanes.