nVent Electric (NYSE:NVT) Shares Gap Up to $72.52

Shares of nVent Electric plc (NYSE:NVT) gapped up before the market opened on Wednesday . The stock had previously closed at $72.52, but opened at $76.19. nVent Electric shares last traded at $74.73, with a volume of 313,630 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of nVent Electric from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Barclays upped 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. 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 for the company. The Goldman Sachs Group upped their price target on shares of nVent Electric from $69.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Citigroup upped their price target on shares of nVent Electric from $71.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.60.

nVent Electric Trading Up 1.0 %

The company has a current ratio of 1.82, a quick ratio of 1.22 and a debt-to-equity ratio of 0.56. The company has a market cap of $12.36 billion, a PE ratio of 22.09, a P/E/G ratio of 1.59 and a beta of 1.35. The business’s 50-day simple moving average is $71.27 and its 200-day simple moving average is $60.95.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, February 6th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. nVent Electric had a net margin of 17.38% and a return on equity of 17.53%. The company had revenue of $861.20 million during the quarter, compared to the consensus estimate of $866.90 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The company’s revenue was up 16.1% compared to the same quarter last year. As a group, analysts expect that nVent Electric plc will post 3.24 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be given a $0.19 dividend. The ex-dividend date is Thursday, April 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.02%. nVent Electric’s payout ratio is 22.55%.

Insiders Place Their Bets

In other nVent Electric news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the sale, the insider now owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total transaction of $738,004.13. Following the transaction, the insider now owns 33,109 shares in the company, valued at approximately $2,229,228.97. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the transaction, the director now owns 43,072 shares in the company, valued at approximately $2,730,334.08. The disclosure for this sale can be found here. Insiders sold a total of 400,252 shares of company stock worth $25,713,777 in the last quarter. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NVT. Congress Asset Management Co. MA acquired a new position in shares of nVent Electric during the 3rd quarter worth $116,908,000. FMR LLC grew its stake in nVent Electric by 41.8% in the 3rd quarter. FMR LLC now owns 6,556,055 shares of the company’s stock valued at $347,405,000 after buying an additional 1,932,142 shares during the last quarter. Norges Bank acquired a new position in nVent Electric in the 4th quarter valued at $109,630,000. Massachusetts Financial Services Co. MA grew its stake in nVent Electric by 68.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,952,040 shares of the company’s stock valued at $209,419,000 after buying an additional 1,604,534 shares during the last quarter. Finally, Robeco Schweiz AG grew its stake in nVent Electric by 3,911.6% in the 3rd quarter. Robeco Schweiz AG now owns 1,315,800 shares of the company’s stock valued at $69,724,000 after buying an additional 1,283,000 shares during the last quarter. 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.