nVent Electric (NYSE:NVT) Shares Gap Up After Analyst Upgrade

nVent Electric plc (NYSE:NVTGet Free Report) shares gapped up before the market opened on Wednesday after Barclays raised their price target on the stock from $85.00 to $95.00. The stock had previously closed at $76.63, but opened at $78.83. Barclays currently has an overweight rating on the stock. nVent Electric shares last traded at $78.98, with a volume of 131,225 shares changing hands.

A number of other equities research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of nVent Electric in a report on Monday, March 11th. They set a “buy” rating and a $83.00 price objective for the company. The Goldman Sachs Group raised their target price on shares of nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada cut their target price on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating on the stock in a research report on Monday, May 6th. Finally, Citigroup raised their target price on shares of nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 6th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, nVent Electric currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Get Our Latest Report on NVT

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale grew its position in shares of nVent Electric by 18.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock worth $23,099,000 after buying an additional 46,748 shares during the last quarter. Boston Partners grew its position in shares of nVent Electric by 3.2% in the 1st 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 last quarter. Cetera Advisors LLC grew its position in shares of nVent Electric by 58.6% in the 1st quarter. Cetera Advisors LLC now owns 8,596 shares of the company’s stock worth $648,000 after buying an additional 3,177 shares during the last quarter. Cetera Investment Advisers grew its position in nVent Electric by 143.8% during the 1st quarter. Cetera Investment Advisers now owns 46,103 shares of the company’s stock worth $3,476,000 after purchasing an additional 27,196 shares during the last quarter. Finally, Burney Co. grew its position in nVent Electric by 3.4% during the 1st quarter. Burney Co. now owns 139,447 shares of the company’s stock worth $10,514,000 after purchasing an additional 4,626 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Performance

The company has a market cap of $13.18 billion, a PE ratio of 23.14, a P/E/G ratio of 1.84 and a beta of 1.31. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. The firm’s 50-day simple moving average is $77.51 and its two-hundred day simple moving average is $67.01.

nVent Electric (NYSE:NVTGet Free Report) last released its earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.04. The company had revenue of $874.60 million for the quarter, compared to the consensus estimate of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. nVent Electric’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 EPS. As a group, research analysts anticipate that nVent Electric plc will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, July 19th. nVent Electric’s dividend payout ratio is presently 22.16%.

About nVent Electric

(Get Free Report)

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.

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