nVent Electric (NYSE:NVT) Releases Q2 2024 Earnings Guidance

nVent Electric (NYSE:NVT) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.810-0.830 for the period, compared to the consensus estimate of 0.830. The company issued revenue guidance of $883.3 million-$899.4 million, compared to the consensus revenue estimate of $892.4 million. nVent Electric also updated its FY 2024 guidance to 3.220-3.300 EPS.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup upped their price objective on shares of nVent Electric from $71.00 to $91.00 and gave the company a buy rating in a report on Monday, April 8th. Barclays increased their price target on shares of nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. Royal Bank of Canada increased their price target on shares of nVent Electric from $65.00 to $72.00 and gave the stock an outperform rating in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of nVent Electric in a report on Monday, March 11th. They issued a buy rating and a $83.00 price target on the stock. Finally, The Goldman Sachs Group increased their price target on shares of nVent Electric from $69.00 to $77.00 and gave the stock a buy rating in a report on Friday, March 15th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, nVent Electric presently has an average rating of Moderate Buy and an average price target of $81.60.

nVent Electric Stock Performance

nVent Electric stock traded up $3.99 during mid-day trading on Friday, hitting $75.89. The company had a trading volume of 3,013,010 shares, compared to its average volume of 1,314,077. The company has a current ratio of 1.82, a quick ratio of 1.22 and a debt-to-equity ratio of 0.56. nVent Electric has a 12-month low of $40.22 and a 12-month high of $78.98. The company’s fifty day moving average is $72.22 and its 200-day moving average is $61.65. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 22.52, a P/E/G ratio of 1.53 and a beta of 1.35.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Tuesday, February 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.75 by $0.03. nVent Electric had a return on equity of 17.53% and a net margin of 17.38%. The business had revenue of $861.20 million for the quarter, compared to analyst estimates of $866.90 million. During the same quarter in the prior year, the firm posted $0.66 EPS. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities research analysts predict that nVent Electric will post 3.24 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be given a $0.19 dividend. The ex-dividend date is Thursday, April 25th. This represents a $0.76 annualized dividend and a yield of 1.00%. nVent Electric’s dividend payout ratio is presently 22.55%.

Insider Activity

In other news, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the transaction, the director now owns 43,072 shares in the company, valued at approximately $2,730,334.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the transaction, the director now owns 43,072 shares in the company, valued at approximately $2,730,334.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Randall J. Hogan sold 184,572 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $64.03, for a total value of $11,818,145.16. Following the completion of the transaction, the director now directly owns 8,277 shares of the company’s stock, valued at $529,976.31. The disclosure for this sale can be found here. Insiders have sold 400,252 shares of company stock worth $25,713,777 in the last quarter. Corporate insiders own 2.50% of the company’s stock.

About nVent Electric

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.