Citigroup Raises nVent Electric (NYSE:NVT) Price Target to $92.00

nVent Electric (NYSE:NVT) had its price objective upped by Citigroup from $91.00 to $92.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

NVT has been the subject of several other research reports. Barclays lifted their target price on nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group lifted their price objective on shares of nVent Electric from $77.00 to $87.00 and gave the stock a buy rating in a report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of nVent Electric in a report on Monday, March 11th. They set a buy rating and a $83.00 target price on the stock. Finally, Royal Bank of Canada decreased their price target on shares of nVent Electric from $89.00 to $88.00 and set an outperform rating for the company in a report on Monday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, nVent Electric presently has a consensus rating of Moderate Buy and a consensus price target of $87.00.

nVent Electric Price Performance

NVT stock opened at $79.92 on Monday. The stock’s 50 day moving average is $73.12 and its two-hundred day moving average is $62.51. nVent Electric has a 52-week low of $40.22 and a 52-week high of $80.03. The company has a market capitalization of $13.26 billion, a PE ratio of 23.30, a P/E/G ratio of 1.63 and a beta of 1.35. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. The business had revenue of $874.60 million during the quarter, compared to analyst estimates of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The business’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Analysts predict that nVent Electric will post 3.25 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 26th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, April 25th. nVent Electric’s payout ratio is currently 22.16%.

Insider Buying and Selling at nVent Electric

In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the transaction, the insider now directly owns 33,109 shares in the company, valued at $2,229,228.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Michael B. Faulconer sold 10,961 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the sale, the insider now owns 33,109 shares in the company, valued at $2,229,228.97. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jerry W. Burris sold 4,008 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $63.39, for a total value of $254,067.12. Following the transaction, the director now directly owns 43,072 shares of the company’s stock, valued at approximately $2,730,334.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,541 shares of company stock valued at $12,810,216. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently modified their holdings of NVT. Quent Capital LLC boosted its holdings in shares of nVent Electric by 123.2% in the fourth quarter. Quent Capital LLC now owns 424 shares of the company’s stock worth $25,000 after buying an additional 234 shares during the period. HM Payson & Co. acquired a new position in nVent Electric in the 3rd quarter worth approximately $26,000. Banque Cantonale Vaudoise purchased a new position in nVent Electric during the 1st quarter worth approximately $26,000. Livelsberger Financial Advisory purchased a new stake in shares of nVent Electric in the fourth quarter valued at $28,000. Finally, Pacific Center for Financial Services acquired a new stake in shares of nVent Electric in the third quarter worth $32,000. 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.