nVent Electric (NYSE:NVT) Given New $152.00 Price Target at Citigroup

nVent Electric (NYSE:NVT) had its target price raised by Citigroup from $133.00 to $152.00 in a report published on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other analysts have also weighed in on NVT. Evercore initiated coverage on shares of nVent Electric in a research report on Monday. They issued an “outperform” rating and a $160.00 price objective on the stock. KeyCorp increased their price objective on shares of nVent Electric from $125.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Weiss Ratings raised shares of nVent Electric from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 11th. Wolfe Research raised shares of nVent Electric to an “outperform” rating in a research report on Monday, February 9th. Finally, Wall Street Zen lowered shares of nVent Electric from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 23rd. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, nVent Electric has an average rating of “Moderate Buy” and a consensus target price of $144.00.

nVent Electric Stock Up 1.9%

Shares of NYSE:NVT opened at $133.07 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. nVent Electric has a 12 month low of $47.86 and a 12 month high of $133.26. The company has a market cap of $21.52 billion, a price-to-earnings ratio of 30.95, a PEG ratio of 1.36 and a beta of 1.28. The company has a 50-day moving average price of $117.00 and a 200 day moving average price of $109.25.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the company posted $0.59 EPS. The firm’s revenue for the quarter was up 41.9% on a year-over-year basis. As a group, equities research analysts predict that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Friday, April 24th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, April 24th. nVent Electric’s dividend payout ratio (DPR) is presently 19.53%.

Insider Activity at nVent Electric

In related news, Director Susan M. Cameron sold 5,000 shares of nVent Electric stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total transaction of $572,600.00. Following the transaction, the director directly owned 13,405 shares of the company’s stock, valued at $1,535,140.60. This trade represents a 27.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jerry W. Burris sold 5,244 shares of nVent Electric stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $112.27, for a total transaction of $588,743.88. Following the transaction, the director directly owned 46,371 shares in the company, valued at approximately $5,206,072.17. The trade was a 10.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,841 shares of company stock valued at $2,046,166 over the last ninety days. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On nVent Electric

Several institutional investors have recently bought and sold shares of the business. Galaxy Digital Capital Management GP LLC purchased a new position in nVent Electric during the fourth quarter valued at approximately $912,000. Hsbc Holdings PLC acquired a new stake in nVent Electric in the fourth quarter valued at approximately $5,298,000. World Investment Advisors boosted its stake in nVent Electric by 8.6% in the fourth quarter. World Investment Advisors now owns 4,687 shares of the company’s stock valued at $478,000 after acquiring an additional 371 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in nVent Electric in the fourth quarter valued at approximately $45,000. Finally, Pacer Advisors Inc. boosted its stake in nVent Electric by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,416 shares of the company’s stock valued at $4,121,000 after acquiring an additional 9,881 shares in the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.