nVent Electric (NYSE:NVT) Issues 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 2.490-2.510 for the period, compared to the consensus earnings per share estimate of 3.260. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. nVent Electric also updated its Q4 2024 guidance to 0.580-0.600 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NVT. Royal Bank of Canada dropped their target price on nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday. Barclays dropped their price objective on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, KeyCorp boosted their target price on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, nVent Electric currently has a consensus rating of “Buy” and a consensus target price of $85.33.

nVent Electric Stock Performance

Shares of nVent Electric stock traded up $0.51 on Monday, hitting $68.79. The stock had a trading volume of 3,563,321 shares, compared to its average volume of 1,567,538. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 1.52 and a beta of 1.26. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53. nVent Electric has a 52-week low of $49.08 and a 52-week high of $86.57. The company’s 50 day moving average price is $69.47 and its 200 day moving average price is $73.12.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm earned $0.77 EPS. On average, research analysts anticipate that nVent Electric will post 3.26 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Friday, October 18th. nVent Electric’s dividend payout ratio is currently 22.22%.

Insiders Place Their Bets

In other nVent Electric news, Director Herbert K. Parker bought 7,566 shares of nVent Electric stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the acquisition, the director now owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now directly owns 30,432 shares in the company, valued at $1,833,832.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herbert K. Parker acquired 7,566 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $65.71 per share, with a total value of $497,161.86. Following the transaction, the director now owns 34,524 shares in the company, valued at $2,268,572.04. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by insiders.

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.