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

Shares of nVent Electric plc (NYSE:NVT) have been given an average recommendation of “Buy” by the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $70.67.

A number of analysts have weighed in on NVT shares. The Goldman Sachs Group cut their target price on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Royal Bank of Canada raised their target price on shares of nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Citigroup cut their target price on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Monday, March 17th. Finally, Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st.

Insider Activity

In other news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Several large investors have recently modified their holdings of NVT. SVB Wealth LLC bought a new position in shares of nVent Electric during the first quarter valued at $25,000. Capital A Wealth Management LLC bought a new position in shares of nVent Electric during the fourth quarter valued at $27,000. Whipplewood Advisors LLC raised its stake in shares of nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Hughes Financial Services LLC bought a new position in shares of nVent Electric during the first quarter valued at $36,000. Finally, Park Square Financial Group LLC bought a new position in nVent Electric during the fourth quarter worth $38,000. Institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Performance

Shares of nVent Electric stock opened at $68.03 on Friday. The company has a 50 day moving average of $58.83 and a 200-day moving average of $63.64. nVent Electric has a 1-year low of $41.71 and a 1-year high of $82.05. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The company has a market cap of $11.20 billion, a PE ratio of 34.71, 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 for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The company had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. During the same quarter in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. As a group, equities research analysts forecast that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm 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 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric’s payout ratio is currently 22.86%.

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.