Barclays Forecasts Strong Price Appreciation for nVent Electric (NYSE:NVT) Stock

nVent Electric (NYSE:NVT) had its price target boosted by equities research analysts at Barclays from $141.00 to $150.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 23.56% from the company’s previous close.

A number of other brokerages have also weighed in on NVT. KeyCorp increased their price target on nVent Electric from $125.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Weiss Ratings raised shares of nVent Electric from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 11th. Roth Mkm boosted their target price on shares of nVent Electric from $130.00 to $135.00 and gave the company a “buy” rating in a report on Monday, March 23rd. Glj Research initiated coverage on shares of nVent Electric in a research note on Thursday, March 5th. They set a “buy” rating and a $151.00 price target on the stock. Finally, Citigroup lifted their price target on shares of nVent Electric from $131.00 to $133.00 and gave the company a “buy” rating in a report on Monday, February 9th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, nVent Electric presently has an average rating of “Moderate Buy” and a consensus target price of $139.63.

nVent Electric Trading Up 2.6%

Shares of nVent Electric stock traded up $3.12 during mid-day trading on Wednesday, hitting $121.40. 1,140,115 shares of the stock were exchanged, compared to its average volume of 2,342,487. The stock has a market capitalization of $19.63 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 1.17 and a beta of 1.31. nVent Electric has a twelve month low of $41.71 and a twelve month high of $129.94. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. The company has a 50-day simple moving average of $115.04 and a 200 day simple moving average of $107.60.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1 billion. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. The company’s revenue was up 41.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.59 earnings per share. Research analysts forecast that nVent Electric will post 3.04 EPS for the current year.

Insider Activity at nVent Electric

In other nVent Electric news, CEO Beth Wozniak sold 7,597 shares of nVent Electric stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $116.47, for a total transaction of $884,822.59. Following the transaction, the chief executive officer directly owned 52,990 shares of the company’s stock, valued at $6,171,745.30. The trade was a 12.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Susan M. Cameron sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $114.52, for a total transaction of $572,600.00. Following the sale, the director owned 13,405 shares of the company’s stock, valued at approximately $1,535,140.60. This represents a 27.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 17,841 shares of company stock worth $2,046,166. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC acquired a new position in shares of nVent Electric during the third quarter worth about $30,000. Manchester Capital Management LLC boosted its position in shares of nVent Electric by 128.1% in the fourth quarter. Manchester Capital Management LLC now owns 308 shares of the company’s stock worth $31,000 after buying an additional 173 shares during the period. Root Financial Partners LLC acquired a new stake in shares of nVent Electric in the third quarter valued at about $31,000. Cullen Frost Bankers Inc. purchased a new stake in shares of nVent Electric during the 4th quarter valued at about $32,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of nVent Electric during the 4th quarter valued at about $36,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.