nVent Electric (NYSE:NVT) Updates FY 2024 Earnings Guidance

nVent Electric (NYSE:NVT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 3.220-3.300 for the period, compared to the consensus earnings per share estimate of 3.260. The company issued revenue guidance of $3.5 billion-$3.6 billion, compared to the consensus revenue estimate of $3.6 billion. nVent Electric also updated its FY24 guidance to $3.17-3.27 EPS.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NVT. Royal Bank of Canada upped their price objective on shares of nVent Electric from $65.00 to $72.00 and gave the company an outperform rating in a report on Wednesday, February 7th. 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 upped their price objective on shares of nVent Electric from $74.00 to $85.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. The Goldman Sachs Group upped their price objective on shares of nVent Electric from $69.00 to $77.00 and gave the company a buy rating in a report on Friday, March 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of nVent Electric in a report on Monday, March 11th. They set a buy rating and a $83.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $81.60.

nVent Electric Stock Up 5.5 %

Shares of NVT traded up $3.99 on Friday, reaching $75.89. The company’s stock 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 twelve month low of $40.22 and a twelve month high of $78.98. The stock has a market capitalization of $12.59 billion, a PE ratio of 22.52, a PEG ratio of 1.53 and a beta of 1.35. The firm has a fifty day moving average of $72.22 and a 200-day moving average of $61.65.

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

nVent Electric Dividend Announcement

The company 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. This represents a $0.76 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Thursday, April 25th. nVent Electric’s payout ratio is 22.55%.

Insiders Place Their Bets

In other nVent Electric news, insider Joseph A. Ruzynski sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $64.23, for a total value of $160,575.00. Following the completion of the sale, the insider now directly owns 36,013 shares of the company’s stock, valued at approximately $2,313,114.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were 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 directly 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 hyperlink. Also, insider Joseph A. Ruzynski sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $64.23, for a total transaction of $160,575.00. Following the transaction, the insider now directly owns 36,013 shares of the company’s stock, valued at $2,313,114.99. The disclosure for this sale can be found here. In the last ninety days, insiders sold 400,252 shares of company stock valued at $25,713,777. Corporate 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.