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

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

Several other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of nVent Electric in a research report on Monday, March 11th. They issued a buy rating and a $83.00 price target on the stock. Barclays increased their price target on nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Royal Bank of Canada lowered their price objective on nVent Electric from $89.00 to $88.00 and set an outperform rating on the stock in a research report on Monday. Finally, The Goldman Sachs Group upped their price target on nVent Electric from $77.00 to $87.00 and gave the stock a buy rating in a research note on Monday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, nVent Electric presently has a consensus rating of Moderate Buy and an average target price of $87.00.

nVent Electric Stock Performance

Shares of NVT opened at $76.38 on Monday. The firm has a market capitalization of $12.68 billion, a P/E ratio of 22.28, a PEG ratio of 1.63 and a beta of 1.35. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. nVent Electric has a one year low of $40.22 and a one year high of $78.98. The business has a fifty day moving average of $72.62 and a 200 day moving average of $62.17.

nVent Electric (NYSE:NVT) last announced its earnings results on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business had revenue of $874.60 million for the quarter, compared to analysts’ expectations of $864.14 million. During the same period last year, the firm posted $0.67 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, sell-side analysts anticipate that nVent Electric will post 3.25 EPS for the current year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, April 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. nVent Electric’s dividend payout ratio is currently 22.16%.

Insider Activity

In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction that occurred on 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 owns 43,072 shares of the company’s stock, valued at $2,730,334.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 400,252 shares of company stock worth $25,713,777. 2.50% of the stock is currently owned by insiders.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Banque Cantonale Vaudoise purchased a new stake in nVent Electric during the 1st quarter valued at $26,000. Quent Capital LLC raised its holdings in nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock valued at $25,000 after buying an additional 234 shares during the period. Rise Advisors LLC purchased a new stake in nVent Electric during the 1st quarter valued at $32,000. Livelsberger Financial Advisory purchased a new stake in nVent Electric during the 4th quarter valued at $28,000. Finally, HM Payson & Co. purchased a new stake in nVent Electric during the 3rd quarter valued at $26,000. 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.