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

nVent Electric (NYSE:NVT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 3.230-3.290 for the period, compared to the consensus estimate of 3.280. The company issued revenue guidance of $3.6 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. nVent Electric also updated its FY24 guidance to $3.23-3.29 EPS.

Analyst Ratings Changes

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

nVent Electric Stock Performance

nVent Electric stock traded up $0.94 during mid-day trading on Friday, reaching $63.72. The company’s stock had a trading volume of 1,500,225 shares, compared to its average volume of 1,505,156. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 1.52 and a beta of 1.31. The business has a 50 day moving average price of $75.22 and a 200-day moving average price 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 twelve month low of $45.60 and a twelve month high of $86.57.

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

nVent Electric Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the sale, the executive vice president now directly owns 30,432 shares in the company, valued at approximately $1,833,832.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.50% of the stock is currently owned by corporate 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.