nVent Electric PLC (NYSE:NVT) Short Interest Update

nVent Electric PLC (NYSE:NVT) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 3,111,900 shares, a growth of 76.5% from the July 31st total of 1,763,000 shares. Based on an average daily volume of 1,140,000 shares, the short-interest ratio is presently 2.7 days. Approximately 1.9% of the company’s shares are short sold.

nVent Electric stock traded down $0.07 during trading hours on Friday, hitting $22.28. The stock had a trading volume of 37,091 shares, compared to its average volume of 1,054,163. The company has a quick ratio of 1.25, a current ratio of 1.87 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $3.78 billion, a P/E ratio of 12.84 and a beta of 1.64. nVent Electric has a 12-month low of $19.28 and a 12-month high of $29.65. The stock’s 50-day moving average price is $21.56 and its 200-day moving average price is $24.82.

nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, August 1st. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.44. The business had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $550.75 million. nVent Electric had a net margin of 11.43% and a return on equity of 11.69%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. On average, research analysts expect that nVent Electric will post 1.79 EPS for the current fiscal year.

A number of research analysts recently issued reports on the stock. Vertical Research cut shares of nVent Electric from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Barclays reissued a “hold” rating and set a $25.00 price target on shares of nVent Electric in a research report on Sunday, August 4th. Buckingham Research cut shares of nVent Electric from a “buy” rating to a “neutral” rating and lowered their price target for the company from $29.00 to $23.00 in a research report on Tuesday, August 6th. Zacks Investment Research cut shares of nVent Electric from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Finally, ValuEngine cut shares of nVent Electric from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $27.33.

In other nVent Electric news, CEO Beth Wozniak purchased 5,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average cost of $21.29 per share, with a total value of $106,450.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael L. Ducker purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $20.51 per share, with a total value of $41,020.00. The disclosure for this purchase can be found here. Insiders own 1.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its holdings in shares of nVent Electric by 0.3% during the second quarter. BlackRock Inc. now owns 15,335,510 shares of the company’s stock valued at $380,170,000 after purchasing an additional 40,932 shares during the last quarter. TCW Group Inc. raised its holdings in shares of nVent Electric by 3.1% during the first quarter. TCW Group Inc. now owns 2,280,691 shares of the company’s stock valued at $61,533,000 after purchasing an additional 68,217 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of nVent Electric by 13.7% during the second quarter. AQR Capital Management LLC now owns 2,038,775 shares of the company’s stock valued at $50,480,000 after purchasing an additional 245,291 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of nVent Electric during the second quarter valued at approximately $47,815,000. Finally, Geode Capital Management LLC raised its holdings in shares of nVent Electric by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 1,896,604 shares of the company’s stock valued at $42,597,000 after purchasing an additional 151,472 shares during the last quarter. 85.86% of the stock is owned by institutional investors and hedge funds.

About nVent Electric

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.

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