Royal Bank of Canada Issues Positive Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its target price lifted by Royal Bank of Canada from $80.00 to $85.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also issued reports about the stock. KeyCorp boosted their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Citigroup upped their price objective on shares of nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Barclays lifted their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $86.33.

nVent Electric Trading Up 3.2 %

Shares of nVent Electric stock opened at $70.65 on Friday. nVent Electric has a 1-year low of $55.19 and a 1-year high of $86.57. The stock has a market cap of $11.64 billion, a P/E ratio of 20.72, a P/E/G ratio of 3.86 and a beta of 1.25. The stock’s 50 day simple moving average is $73.88 and its 200-day simple moving average is $71.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data 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 business had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 earnings per share. Analysts predict that nVent Electric will post 2.5 EPS for the current fiscal 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 given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.13%. This is an increase from nVent Electric’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, January 17th. nVent Electric’s dividend payout ratio (DPR) is presently 23.46%.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the sale, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. This trade represents a 23.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $524,640.00. Following the transaction, the director now directly owns 45,040 shares of the company’s stock, valued at $3,603,200. This trade represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,382 shares of company stock valued at $7,365,956. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of large investors have recently modified their holdings of NVT. Federated Hermes Inc. lifted its position in shares of nVent Electric by 6.6% during 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 in the last quarter. Geode Capital Management LLC lifted its holdings 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 worth $194,894,000 after purchasing an additional 29,794 shares during the last quarter. AQR Capital Management LLC grew its position in shares of nVent Electric by 101.2% during the second quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock worth $27,484,000 after acquiring an additional 180,488 shares during the last quarter. MQS Management LLC bought a new stake in shares of nVent Electric during the second quarter valued at approximately $606,000. Finally, Seven Eight Capital LP bought a new position in shares of nVent Electric in the second quarter worth $1,119,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.