nVent Electric (NYSE:NVT) Given New $86.00 Price Target at Citigroup

nVent Electric (NYSE:NVT) had its target price upped by Citigroup from $69.00 to $86.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. KeyCorp upped their price objective on nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Barclays upped their price objective on nVent Electric from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, March 17th. Finally, Wall Street Zen upgraded nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $78.33.

nVent Electric Stock Performance

NYSE:NVT opened at $74.96 on Monday. The stock has a 50-day simple moving average of $68.84 and a two-hundred day simple moving average of $63.24. nVent Electric has a 52-week low of $41.71 and a 52-week high of $81.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The firm has a market capitalization of $12.34 billion, a PE ratio of 21.42, a P/E/G ratio of 1.49 and a beta of 1.31.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The firm had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. During the same quarter in the prior year, the company posted $0.78 earnings per share. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. Analysts forecast that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.07%. nVent Electric’s dividend payout ratio (DPR) is 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 dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president owned 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors have recently modified their holdings of NVT. SVB Wealth LLC purchased a new position in shares of nVent Electric during the 1st quarter valued at about $25,000. Capital A Wealth Management LLC purchased a new position in shares of nVent Electric in the 4th quarter valued at about $27,000. Whipplewood Advisors LLC increased its stake in shares of nVent Electric by 467.3% in the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. Hughes Financial Services LLC purchased a new position in shares of nVent Electric in the 1st quarter valued at about $36,000. Finally, Park Square Financial Group LLC purchased a new position in shares of nVent Electric in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.