nVent Electric (NYSE:NVT) Stock Price Down 9.9% – Time to Sell?

nVent Electric PLC (NYSE:NVT)’s share price dropped 9.9% during trading on Wednesday. The company traded as low as $115.75 and last traded at $116.48. Approximately 461,224 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 2,282,410 shares. The stock had previously closed at $129.26.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NVT shares. Weiss Ratings lowered shares of nVent Electric from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Seaport Research Partners reiterated a “neutral” rating and issued a $225.00 target price on shares of nVent Electric in a research note on Monday, October 12th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $233.00 price target on shares of nVent Electric in a research note on Monday. Zacks Research raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Clear Str upgraded shares of nVent Electric to a “strong-buy” rating in a research report on Monday, July 13th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $197.82.

nVent Electric Stock Down 14.4%

The company has a market capitalization of $17.87 billion, a P/E ratio of 26.66, a PEG ratio of 0.64 and a beta of 1.39. The stock has a 50 day moving average price of $151.83 and a 200 day moving average price of $144.56. The company has a current ratio of 2.40, a quick ratio of 1.93 and a debt-to-equity ratio of 0.53.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Friday, October 30th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.12. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the company posted $0.91 EPS. The company’s revenue for the quarter was up 43.7% on a year-over-year basis. On average, research analysts anticipate that nVent Electric PLC will post 5.39 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Shareholders of record on Friday, October 23rd will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a yield of 0.8%. nVent Electric’s payout ratio is currently 20.24%.

Insider Buying and Selling at nVent Electric

In other news, insider Robert van der Kolk sold 5,858 shares of nVent Electric stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $164.32, for a total value of $962,586.56. Following the sale, the insider directly owned 27,387 shares of the company’s stock, valued at $4,500,231.84. The trade was a 17.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.70% of the company’s stock.

Institutional Trading of nVent Electric

Several hedge funds and other institutional investors have recently bought and sold shares of NVT. Sequoia Financial Advisors LLC lifted its holdings in nVent Electric by 16.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 76,540 shares of the company’s stock valued at $12,982,000 after acquiring an additional 11,033 shares during the last quarter. State Street Corp lifted its stake in nVent Electric by 4.9% in the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock worth $901,159,000 after acquiring an additional 250,248 shares in the last quarter. Alua Capital Management LP acquired a new stake in shares of nVent Electric during the 1st quarter valued at $27,394,000. Engineers Gate Manager LP increased its stake in shares of nVent Electric by 327.1% during the 2nd quarter. Engineers Gate Manager LP now owns 33,538 shares of the company’s stock worth $5,688,000 after purchasing an additional 25,686 shares during the last quarter. Finally, Moore Capital Management LP acquired a new position in nVent Electric during the 2nd quarter worth $4,099,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

About nVent Electric

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.