Citigroup Cuts nVent Electric (NYSE:NVT) Price Target to $90.00

nVent Electric (NYSE:NVT) had its target price reduced by analysts at Citigroup from $91.00 to $90.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 28.77% from the stock’s previous close.

NVT has been the subject of a number of other research reports. KeyCorp upped their price target on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Barclays raised their price target on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada lifted their price target on shares of nVent Electric from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $86.17.

nVent Electric Price Performance

NVT opened at $69.89 on Monday. nVent Electric has a 52-week low of $55.19 and a 52-week high of $86.57. The company has a 50 day moving average of $73.55 and a two-hundred day moving average of $71.27. The company has a market cap of $11.52 billion, a P/E ratio of 20.50, a P/E/G ratio of 3.86 and a beta of 1.27. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) 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 analyst estimates of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 earnings per share. On average, analysts expect that nVent Electric will post 2.5 earnings per share for the current year.

Insider Activity at nVent Electric

In related news, EVP Jon D. Lammers sold 67,297 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total value of $5,119,282.79. Following the completion of the sale, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sara E. Zawoyski sold 14,505 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $76.76, for a total value of $1,113,403.80. Following the sale, the chief financial officer now owns 62,215 shares in the company, valued at $4,775,623.40. The trade was a 18.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,382 shares of company stock valued at $7,365,956 over the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC boosted its holdings in nVent Electric by 91.9% in the third quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the period. UMB Bank n.a. lifted its position in shares of nVent Electric by 280.0% in the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after buying an additional 308 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of nVent Electric in the 3rd quarter valued at about $29,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of nVent Electric during the 2nd quarter valued at about $34,000. Finally, Huntington National Bank raised its stake in nVent Electric by 57.3% during the third quarter. Huntington National Bank now owns 612 shares of the company’s stock worth $43,000 after acquiring an additional 223 shares during the period. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Company Profile

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.