Analysts Set nVent Electric plc (NYSE:NVT) Price Target at $85.50

nVent Electric plc (NYSE:NVT) has been assigned a consensus rating of “Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $85.50.

Several equities research analysts have recently weighed in on the company. Citigroup upped their price target on nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, December 9th. KeyCorp upped their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada lowered their target price on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Barclays boosted their price target on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th.

nVent Electric Price Performance

NVT opened at $69.61 on Friday. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 3.86 and a beta of 1.25. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The firm has a 50-day moving average price of $74.97 and a 200-day moving average price of $72.48. nVent Electric has a twelve month low of $55.19 and a twelve month high of $86.57.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). The company had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. nVent Electric’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. Equities analysts expect that nVent Electric will post 2.5 EPS for the current year.

nVent Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a $0.20 dividend. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%. nVent Electric’s dividend payout ratio is presently 22.29%.

Insider Activity

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the sale, the director now owns 45,040 shares of the company’s stock, valued at $3,603,200. This represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the transaction, the executive vice president now directly owns 58,121 shares in the company, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,382 shares of company stock worth $7,365,956. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On nVent Electric

A number of institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. lifted its stake in nVent Electric by 6.6% in the second quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after purchasing an additional 25,482 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of nVent Electric by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after acquiring an additional 29,794 shares during the last quarter. Fifth Third Bancorp boosted its holdings in nVent Electric by 43.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,951 shares of the company’s stock valued at $149,000 after acquiring an additional 591 shares during the period. AQR Capital Management LLC lifted its holdings in nVent Electric by 101.2% in the 2nd quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock worth $27,484,000 after buying an additional 180,488 shares during the period. Finally, MQS Management LLC purchased a new stake in nVent Electric in the second quarter worth $606,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.