nVent Electric plc (NYSE:NVT) Given Consensus Rating of “Buy” by Brokerages

nVent Electric plc (NYSE:NVT) has earned a consensus recommendation of “Buy” from the six analysts that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $85.00.

Several research analysts have recently commented on NVT shares. KeyCorp raised shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price on the stock in a report on Wednesday, September 4th. Barclays lowered their price objective on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada cut their target price on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th.

nVent Electric Price Performance

Shares of NYSE NVT opened at $69.68 on Friday. The business’s 50 day moving average is $66.32 and its 200-day moving average is $73.33. The firm has a market cap of $11.57 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.35 and a beta of 1.27. nVent Electric has a 1-year low of $45.60 and a 1-year high of $86.57. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53.

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

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, October 18th. nVent Electric’s dividend payout ratio is presently 22.16%.

Insider Activity

In related news, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the sale, the executive vice president now directly owns 30,432 shares in the company, valued at $1,833,832.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Herbert K. Parker bought 7,566 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. grew its holdings in shares of nVent Electric by 201.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock worth $82,802,000 after purchasing an additional 937,149 shares during the last quarter. Schroder Investment Management Group acquired a new stake in nVent Electric during the 4th quarter worth approximately $51,781,000. Millennium Management LLC grew its holdings in nVent Electric by 159.9% during the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after acquiring an additional 828,425 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after acquiring an additional 673,990 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in nVent Electric by 50.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock valued at $96,519,000 after acquiring an additional 547,624 shares during the period. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Company Profile

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.