nVent Electric (NYSE:NVT) Price Target Raised to $84.00

nVent Electric (NYSE:NVT) had its price target lifted by KeyCorp from $78.00 to $84.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

NVT has been the subject of several other research reports. Wall Street Zen raised nVent Electric from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th. The Goldman Sachs Group increased their price objective on nVent Electric from $78.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Royal Bank Of Canada lifted their target price on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Citigroup upped their target price on nVent Electric from $69.00 to $86.00 and gave the company a “buy” rating in a report on Monday. Finally, Barclays raised their price target on shares of nVent Electric from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, nVent Electric has a consensus rating of “Buy” and an average target price of $80.33.

nVent Electric Trading Up 3.8%

Shares of NVT opened at $77.29 on Tuesday. The business’s 50-day moving average price is $69.74 and its 200 day moving average price is $63.45. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $12.72 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.48 and a beta of 1.31. nVent Electric has a 1-year low of $41.71 and a 1-year high of $81.20.

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

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Friday, July 18th. nVent Electric’s dividend payout ratio (DPR) is presently 22.86%.

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the transaction, the executive vice president owned 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Proficio Capital Partners LLC acquired a new position in nVent Electric during the fourth quarter worth $3,986,000. Raymond James Financial Inc. bought a new stake in shares of nVent Electric during the 4th quarter worth about $13,333,000. HighTower Advisors LLC boosted its stake in shares of nVent Electric by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 32,230 shares of the company’s stock worth $2,197,000 after acquiring an additional 1,052 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of nVent Electric by 7.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 7,640 shares of the company’s stock valued at $521,000 after acquiring an additional 530 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of nVent Electric by 0.9% in the 4th quarter. Swiss National Bank now owns 326,887 shares of the company’s stock valued at $22,281,000 after acquiring an additional 2,900 shares in the last quarter. Institutional investors 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.