nVent Electric (NYSE:NVT) PT Lowered to $88.00

nVent Electric (NYSE:NVT) had its price target dropped by research analysts at Royal Bank of Canada from $89.00 to $88.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 13.42% from the company’s previous close.

Other analysts also recently issued reports about the company. Citigroup increased their price objective on nVent Electric from $71.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Deutsche Bank Aktiengesellschaft started coverage on nVent Electric in a research report on Monday, March 11th. They issued a “buy” rating and a $83.00 price target for the company. 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. Finally, Barclays raised their price target on shares of nVent Electric from $74.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, nVent Electric currently has an average rating of “Moderate Buy” and an average price target of $87.00.

nVent Electric Price Performance

Shares of NVT opened at $77.59 on Monday. The business’s fifty day moving average is $72.84 and its 200 day moving average is $62.39. nVent Electric has a 12-month low of $40.22 and a 12-month high of $78.98. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $12.88 billion, a P/E ratio of 22.62, a P/E/G ratio of 1.63 and a beta of 1.35.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating 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 last year, the company earned $0.67 earnings per share. The business’s revenue was up 18.0% on a year-over-year basis. Sell-side analysts anticipate that nVent Electric will post 3.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Beth Wozniak sold 198,211 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $64.29, for a total transaction of $12,742,985.19. Following the completion of the transaction, the chief executive officer now owns 342 shares in the company, valued at $21,987.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other nVent Electric news, Director Randall J. Hogan sold 184,572 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $64.03, for a total value of $11,818,145.16. Following the sale, the director now directly owns 8,277 shares in the company, valued at $529,976.31. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Beth Wozniak sold 198,211 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $64.29, for a total value of $12,742,985.19. Following the transaction, the chief executive officer now directly owns 342 shares in the company, valued at approximately $21,987.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 397,752 shares of company stock valued at $25,553,202. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On nVent Electric

Several large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC bought a new position in nVent Electric during the fourth quarter worth about $2,492,000. Citigroup Inc. raised its position in shares of nVent Electric by 73.9% in the third quarter. Citigroup Inc. now owns 71,372 shares of the company’s stock valued at $3,782,000 after purchasing an additional 30,325 shares during the period. Mariner LLC lifted its stake in shares of nVent Electric by 10.1% during the 3rd quarter. Mariner LLC now owns 24,649 shares of the company’s stock valued at $1,306,000 after buying an additional 2,263 shares in the last quarter. LPL Financial LLC boosted its holdings in nVent Electric by 2.0% in the 3rd quarter. LPL Financial LLC now owns 172,171 shares of the company’s stock worth $9,123,000 after buying an additional 3,418 shares during the period. Finally, Vontobel Holding Ltd. grew its stake in nVent Electric by 217.5% in the 4th quarter. Vontobel Holding Ltd. now owns 25,874 shares of the company’s stock valued at $1,529,000 after buying an additional 17,724 shares in the last quarter. Hedge funds and other 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.