nVent Electric (NYSE:NVT) Upgraded at KeyCorp

KeyCorp upgraded shares of nVent Electric (NYSE:NVT) from a sector weight rating to an overweight rating in a research report report published on Wednesday, MarketBeat.com reports. KeyCorp currently has $80.00 price target on the stock. KeyCorp also issued estimates for nVent Electric’s Q3 2024 earnings at $0.82 EPS, Q4 2024 earnings at $0.85 EPS, FY2024 earnings at $3.26 EPS and FY2025 earnings at $3.60 EPS.

Several other brokerages have also recently issued reports on NVT. Barclays increased their price objective on nVent Electric from $85.00 to $95.00 and gave the company an overweight rating in a research note on Tuesday, June 4th. Royal Bank of Canada reduced their price target on nVent Electric from $88.00 to $82.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric currently has an average rating of Buy and an average target price of $86.50.

nVent Electric Stock Performance

Shares of NVT stock opened at $61.63 on Wednesday. nVent Electric has a one year low of $45.60 and a one year high of $86.57. 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 firm’s 50 day moving average price is $69.63 and its 200-day moving average price is $73.41. The firm has a market cap of $10.23 billion, a P/E ratio of 17.97, a P/E/G ratio of 1.30 and a beta of 1.27.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The business had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. During the same period in the previous year, the business posted $0.77 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities research analysts predict that nVent Electric will post 3.26 EPS for the current year.

Insiders Place Their Bets

In other nVent Electric news, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the completion of the sale, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herbert K. Parker bought 7,566 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the transaction, the director now directly owns 34,524 shares in the company, valued at $2,268,572.04. The disclosure for this purchase can be found here. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On nVent Electric

A number of institutional investors and hedge funds have recently bought and sold shares of NVT. Massachusetts Financial Services Co. MA increased its position in shares of nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Boston Partners increased its position in nVent Electric by 3.2% during the first quarter. Boston Partners now owns 3,325,834 shares of the company’s stock worth $250,770,000 after buying an additional 102,643 shares during the period. Clean Energy Transition LLP lifted its stake in nVent Electric by 1.6% in the fourth quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after buying an additional 39,169 shares during the last quarter. Congress Asset Management Co. MA boosted its holdings in shares of nVent Electric by 1.2% in the first quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock valued at $167,338,000 after acquiring an additional 26,897 shares during the period. Finally, Norges Bank purchased a new position in shares of nVent Electric during the fourth quarter worth approximately $109,630,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

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.