Analysts Set nVent Electric plc (NYSE:NVT) Price Target at $70.00

nVent Electric plc (NYSE:NVT) has been given a consensus rating of “Buy” by the seven research firms that are presently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $70.00.

A number of brokerages have issued reports on NVT. Royal Bank of Canada lifted their price objective on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. The Goldman Sachs Group decreased their price target 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. Citigroup decreased their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Barclays boosted their price target on nVent Electric from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the sale, the executive vice president now owns 32,665 shares of the company’s stock, valued at $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of nVent Electric

Several large investors have recently modified their holdings of the company. Quadrant Capital Group LLC lifted its position in shares of nVent Electric by 4.1% in the fourth quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company’s stock worth $259,000 after buying an additional 150 shares in the last quarter. Alliance Wealth Advisors LLC UT lifted its position in shares of nVent Electric by 1.1% in the first quarter. Alliance Wealth Advisors LLC UT now owns 14,192 shares of the company’s stock worth $744,000 after buying an additional 159 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of nVent Electric by 26.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock worth $53,000 after buying an additional 162 shares in the last quarter. Calamos Advisors LLC raised its position in nVent Electric by 1.6% during the fourth quarter. Calamos Advisors LLC now owns 11,468 shares of the company’s stock valued at $782,000 after purchasing an additional 176 shares during the period. Finally, Utah Retirement Systems raised its position in nVent Electric by 2.3% during the fourth quarter. Utah Retirement Systems now owns 8,923 shares of the company’s stock valued at $608,000 after purchasing an additional 200 shares during the period. Institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Up 1.0%

Shares of NYSE:NVT opened at $67.54 on Monday. The stock has a fifty day simple moving average of $55.10 and a two-hundred day simple moving average of $64.70. The stock has a market capitalization of $11.12 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 1.48 and a beta of 1.24. nVent Electric has a 12-month low of $41.71 and a 12-month high of $86.57. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, research analysts anticipate that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.18%. nVent Electric’s payout ratio is currently 22.86%.

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.