nVent Electric (NYSE:NVT) Shares Gap Down - Here's Why

nVent Electric plc (NYSE:NVT - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $74.57, but opened at $71.91. nVent Electric shares last traded at $70.83, with a volume of 708,913 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Barclays lowered 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. KeyCorp boosted their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. Finally, 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, August 7th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $85.67.

nVent Electric Stock Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. The company has a market cap of $11.38 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 1.52 and a beta of 1.27. The stock's fifty day simple moving average is $69.45 and its two-hundred day simple moving average is $73.16.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.01). The business had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. 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 earnings per share. Equities research analysts anticipate that nVent Electric plc will post 3.26 EPS for the current year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be given a $0.19 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 1.11%. nVent Electric's payout ratio is 22.22%.

Insider Activity

In other nVent Electric news, Director Herbert K. Parker purchased 7,566 shares of the firm's 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 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total value of $1,267,053.36. Following the completion of the sale, the insider now owns 19,766 shares in the company, valued at $1,251,978.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herbert K. Parker purchased 7,566 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the purchase, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.50% of the company's stock.

Institutional Trading of nVent Electric

Several institutional investors have recently bought and sold shares of NVT. Massachusetts Financial Services Co. MA raised its stake in shares of nVent Electric by 16.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company's stock worth $374,201,000 after acquiring an additional 673,990 shares during the last quarter. Boston Partners increased its stake in shares of nVent Electric by 3.2% in the 1st quarter. Boston Partners now owns 3,325,834 shares of the company's stock valued at $250,770,000 after buying an additional 102,643 shares during the period. Principal Financial Group Inc. raised its position in shares of nVent Electric by 1.7% during the third quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company's stock worth $123,891,000 after acquiring an additional 28,876 shares during the last quarter. Swedbank AB acquired a new position in shares of nVent Electric during the third quarter valued at $110,663,000. Finally, Millennium Management LLC boosted its holdings in nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company's stock valued at $103,161,000 after acquiring an additional 828,425 shares during the last quarter. Institutional investors and hedge funds own 90.05% 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.