nVent Electric (NYSE:NVT) Updates FY24 Earnings Guidance

nVent Electric (NYSE:NVT) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $3.17-3.27 for the period, compared to the consensus earnings per share estimate of $3.26. The company issued revenue guidance of +8-10% yr/yr to ~$3.52-3.59 billion, compared to the consensus revenue estimate of $3.57 billion. nVent Electric also updated its FY 2024 guidance to 3.220-3.300 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group increased their target price 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. Royal Bank of Canada increased their target price 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 began coverage on shares of nVent Electric in a report on Monday, March 11th. They issued a buy rating and a $83.00 target price for the company. Finally, Citigroup increased their target price on shares of nVent Electric from $71.00 to $91.00 and gave the stock a buy rating in a report on Monday, April 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $81.60.

nVent Electric Stock Up 5.5 %

NYSE:NVT traded up $3.99 during trading hours on Friday, hitting $75.89. 3,013,010 shares of the company traded hands, compared to its average volume of 1,314,077. The company has a quick ratio of 1.22, a current ratio of 1.82 and a debt-to-equity ratio of 0.56. The firm’s 50-day simple moving average is $72.22 and its 200-day simple moving average is $61.65. nVent Electric has a one year low of $40.22 and a one year high of $78.98. The company has a market cap of $12.59 billion, a PE ratio of 22.52, a PEG ratio of 1.53 and a beta of 1.35.

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

nVent Electric Announces Dividend

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

Insider Activity at nVent Electric

In related news, insider Joseph A. Ruzynski sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $64.23, for a total value of $160,575.00. Following the sale, the insider now directly owns 36,013 shares in the company, valued at approximately $2,313,114.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other nVent Electric news, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $67.33, for a total transaction of $738,004.13. Following the completion of the transaction, the insider now owns 33,109 shares of the company’s stock, valued at approximately $2,229,228.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph A. Ruzynski sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $64.23, for a total value of $160,575.00. Following the transaction, the insider now directly owns 36,013 shares of the company’s stock, valued at approximately $2,313,114.99. The disclosure for this sale can be found here. In the last three months, insiders have sold 400,252 shares of company stock worth $25,713,777. Company insiders own 2.50% of the company’s stock.

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.