nVent Electric (NYSE:NVT) Updates Q3 2024 Earnings Guidance

nVent Electric (NYSE:NVT) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.800-0.820 for the period, compared to the consensus earnings per share estimate of 0.860. The company issued revenue guidance of $927.5 million-$944.7 million, compared to the consensus revenue estimate of $907.5 million. nVent Electric also updated its FY 2024 guidance to 3.230-3.290 EPS.

nVent Electric Stock Up 1.5 %

Shares of NVT traded up $0.94 during trading hours on Friday, reaching $63.72. The stock had a trading volume of 1,500,225 shares, compared to its average volume of 1,505,156. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 1.52 and a beta of 1.31. The firm has a 50-day simple moving average of $75.22 and a 200 day simple moving average of $72.84. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. nVent Electric has a 12 month low of $45.60 and a 12 month high of $86.57.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The business had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. Equities research analysts predict that nVent Electric will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Friday, July 19th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, July 19th. nVent Electric’s dividend payout ratio (DPR) is presently 22.16%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NVT. Barclays raised their price target on shares of nVent Electric from $85.00 to $95.00 and gave the company an overweight rating in a research report on Tuesday, June 4th. Citigroup upped their target price on nVent Electric from $91.00 to $92.00 and gave the company a buy rating in a report on Monday, May 6th. Royal Bank of Canada dropped their price target on nVent Electric from $88.00 to $82.00 and set an outperform rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group boosted their price objective on nVent Electric from $77.00 to $87.00 and gave the stock a buy rating in a research report on Monday, May 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric currently has an average rating of Buy and a consensus price target of $87.80.

Insiders Place Their Bets

In other news, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the transaction, the executive vice president now owns 30,432 shares in the company, valued at approximately $1,833,832.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.