Barclays Lowers nVent Electric (NYSE:NVT) Price Target to $86.00

nVent Electric (NYSE:NVT) had its target price reduced by equities researchers at Barclays from $87.00 to $86.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 24.69% from the company’s previous close.

A number of other equities analysts have also weighed in on NVT. KeyCorp raised shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price for the company in a research note on Wednesday, September 4th. Royal Bank of Canada lowered their target price on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $85.00.

nVent Electric Stock Up 0.2 %

Shares of NYSE NVT traded up $0.16 during mid-day trading on Wednesday, reaching $68.97. The company had a trading volume of 315,541 shares, compared to its average volume of 1,531,092. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 1.35 and a beta of 1.27. The stock has a fifty day moving average of $66.45 and a two-hundred day moving average of $73.40. nVent Electric has a 12-month low of $45.60 and a 12-month high of $86.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million during the quarter, compared to the consensus estimate of $892.89 million. During the same quarter last year, the company earned $0.77 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts expect that nVent Electric will post 3.26 EPS for the current year.

Insider Buying and Selling at nVent Electric

In other news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now directly owns 19,766 shares in the company, valued at approximately $1,251,978.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now directly owns 19,766 shares in the company, valued at $1,251,978.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new position in nVent Electric during the first quarter worth $26,000. ORG Partners LLC purchased a new stake in nVent Electric in the 2nd quarter valued at about $31,000. Rise Advisors LLC purchased a new position in nVent Electric in the first quarter valued at approximately $32,000. First Foundation Advisors purchased a new stake in nVent Electric during the 2nd quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in nVent Electric in the 2nd quarter valued at $34,000. Institutional investors and hedge funds 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.