nVent Electric (NYSE:NVT) Earns Outperform Rating from Analysts at Evercore

Evercore initiated coverage on shares of nVent Electric (NYSE:NVT) in a research note issued to investors on Monday, Marketbeat reports. The firm issued an outperform rating and a $160.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. Royal Bank Of Canada raised their target price on shares of nVent Electric from $138.00 to $143.00 and gave the stock an “outperform” rating in a research note on Thursday, March 19th. Glj Research assumed coverage on shares of nVent Electric in a research note on Thursday, March 5th. They issued a “buy” rating and a $151.00 price objective for the company. Weiss Ratings upgraded shares of nVent Electric from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 11th. Barclays lifted their price objective on shares of nVent Electric from $141.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. Finally, Wolfe Research upgraded shares of nVent Electric to an “outperform” rating in a research note on Monday, February 9th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.00.

nVent Electric Stock Performance

NYSE NVT opened at $131.48 on Monday. The firm has a 50-day moving average of $117.59 and a 200-day moving average of $109.67. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.16 and a current ratio of 1.63. The stock has a market cap of $21.26 billion, a PE ratio of 30.58, a P/E/G ratio of 1.40 and a beta of 1.28. nVent Electric has a 52-week low of $47.86 and a 52-week high of $135.92.

nVent Electric (NYSE:NVT) last posted its earnings results on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1 billion. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. nVent Electric’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 EPS. On average, sell-side analysts anticipate 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, May 8th. Shareholders of record on Friday, April 24th will be issued a $0.21 dividend. 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 currently 19.53%.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CEO Beth Wozniak sold 7,597 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $116.47, for a total value of $884,822.59. Following the transaction, the chief executive officer directly owned 52,990 shares of the company’s stock, valued at $6,171,745.30. This trade represents a 12.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jerry W. Burris sold 5,244 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $112.27, for a total transaction of $588,743.88. Following the completion of the transaction, the director directly owned 46,371 shares in the company, valued at approximately $5,206,072.17. This represents a 10.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,841 shares of company stock valued at $2,046,166 in the last ninety days. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On nVent Electric

Hedge funds have recently bought and sold shares of the company. Global Trust Asset Management LLC bought a new position in nVent Electric in the 3rd quarter valued at about $30,000. Manchester Capital Management LLC increased its holdings in nVent Electric by 128.1% in the 4th quarter. Manchester Capital Management LLC now owns 308 shares of the company’s stock valued at $31,000 after buying an additional 173 shares during the period. Root Financial Partners LLC bought a new position in nVent Electric in the 3rd quarter valued at about $31,000. Cullen Frost Bankers Inc. bought a new position in nVent Electric in the 4th quarter valued at about $32,000. Finally, Elyxium Wealth LLC bought a new position in nVent Electric in the 4th quarter valued at about $36,000. 90.05% of the stock is owned by 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.