nVent Electric (NYSE:NVT) Price Target Raised to $74.00 at Barclays

nVent Electric (NYSE:NVT) had its target price hoisted by Barclays from $70.00 to $74.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

NVT has been the subject of several other reports. The Goldman Sachs Group dropped their price objective on nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. KeyCorp raised their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Citigroup decreased their price target on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, March 17th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $70.67.

nVent Electric Stock Up 0.5%

NVT opened at $68.35 on Monday. The business has a 50 day moving average price of $58.44 and a 200 day moving average price of $63.61. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. nVent Electric has a twelve month low of $41.71 and a twelve month high of $82.05. The firm has a market cap of $11.25 billion, a P/E ratio of 34.87, a price-to-earnings-growth ratio of 1.48 and a beta of 1.30.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the business posted $0.78 earnings per share. Research analysts forecast that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, July 18th. nVent Electric’s payout ratio is presently 22.86%.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the sale, the executive vice president now directly owns 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On nVent Electric

Institutional investors and hedge funds have recently modified their holdings of the company. LPL Financial LLC boosted its holdings in shares of nVent Electric by 12.6% during the fourth quarter. LPL Financial LLC now owns 140,043 shares of the company’s stock worth $9,545,000 after acquiring an additional 15,685 shares during the period. Haverford Trust Co raised its stake in nVent Electric by 0.8% in the 4th quarter. Haverford Trust Co now owns 553,146 shares of the company’s stock worth $37,702,000 after purchasing an additional 4,538 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of nVent Electric by 15.3% during the fourth quarter. Vontobel Holding Ltd. now owns 577,781 shares of the company’s stock worth $39,382,000 after purchasing an additional 76,797 shares during the period. HighTower Advisors LLC raised its position in shares of nVent Electric by 3.4% in the fourth quarter. HighTower Advisors LLC now owns 32,230 shares of the company’s stock valued at $2,197,000 after buying an additional 1,052 shares in the last quarter. Finally, American Century Companies Inc. grew its position in nVent Electric by 20.7% during the fourth quarter. American Century Companies Inc. now owns 74,262 shares of the company’s stock worth $5,062,000 after buying an additional 12,759 shares in the last quarter. 90.05% of the stock is owned by 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.