nVent Electric (NYSE:NVT) Price Target Raised to $87.00

nVent Electric (NYSE:NVT) had its target price boosted by The Goldman Sachs Group from $77.00 to $87.00 in a research report sent to investors on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently commented on NVT. Deutsche Bank Aktiengesellschaft began coverage on nVent Electric in a report on Monday, March 11th. They set a buy rating and a $83.00 target price on the stock. Citigroup boosted their target price on shares of nVent Electric from $71.00 to $91.00 and gave the stock a buy rating in a research report on Monday, April 8th. Royal Bank of Canada lifted their price target on shares of nVent Electric from $65.00 to $72.00 and gave the stock an outperform rating in a research note on Wednesday, February 7th. Finally, Barclays boosted their price objective on shares of nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, nVent Electric presently has an average rating of Moderate Buy and an average target price of $87.00.

nVent Electric Price Performance

NVT opened at $79.92 on Monday. nVent Electric has a 52-week low of $40.22 and a 52-week high of $80.03. The company has a 50 day moving average of $73.12 and a two-hundred day moving average of $62.51. The company has a market cap of $13.26 billion, a P/E 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 announced its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The firm had revenue of $874.60 million during the quarter, compared to analysts’ expectations of $864.14 million. During the same period in the prior year, the company earned $0.67 EPS. The firm’s revenue was up 18.0% on a year-over-year basis. On average, analysts expect that nVent Electric will post 3.25 earnings per share for the current year.

nVent Electric Dividend Announcement

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

Insider Transactions at nVent Electric

In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $67.33, for a total transaction of $738,004.13. Following the transaction, the insider now owns 33,109 shares of the company’s stock, valued at $2,229,228.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Michael B. Faulconer sold 10,961 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $67.33, for a total transaction of $738,004.13. Following the transaction, the insider now directly owns 33,109 shares in the company, valued at $2,229,228.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jerry W. Burris sold 4,008 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $63.39, for a total transaction of $254,067.12. Following the sale, the director now 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 sold 199,541 shares of company stock valued at $12,810,216. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

A number of hedge funds have recently made changes to their positions in NVT. State Board of Administration of Florida Retirement System raised its stake in shares of nVent Electric by 4.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after purchasing an additional 8,489 shares in the last quarter. Addison Capital Co raised its position in shares of nVent Electric by 8.8% during the 1st quarter. Addison Capital Co now owns 10,300 shares of the company’s stock worth $777,000 after buying an additional 835 shares in the last quarter. Sei Investments Co. lifted its stake in shares of nVent Electric by 2.2% in the 1st quarter. Sei Investments Co. now owns 117,850 shares of the company’s stock worth $8,886,000 after acquiring an additional 2,551 shares during the period. Smithfield Trust Co increased its stake in shares of nVent Electric by 301.9% during the first quarter. Smithfield Trust Co now owns 2,532 shares of the company’s stock valued at $193,000 after acquiring an additional 1,902 shares during the period. Finally, Swiss National Bank raised its holdings in nVent Electric by 0.3% during the first quarter. Swiss National Bank now owns 327,587 shares of the company’s stock worth $24,700,000 after purchasing an additional 900 shares in the last quarter. Institutional investors 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.