nVent Electric (NYSE:NVT) Price Target Cut to $88.00 by Analysts at Royal Bank of Canada

nVent Electric (NYSE:NVT) had its price target reduced by Royal Bank of Canada from $89.00 to $88.00 in a report issued on Monday, Benzinga reports. They currently have an outperform rating on the stock.

NVT has been the subject of several other reports. Barclays upped their price target on nVent Electric from $74.00 to $85.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Citigroup increased their target price on shares of nVent Electric from $71.00 to $91.00 and gave the stock a buy rating in a research report on Monday, April 8th. The Goldman Sachs Group lifted their price target on shares of nVent Electric from $77.00 to $87.00 and gave the company a buy rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of nVent Electric in a research report on Monday, March 11th. They issued a buy rating and a $83.00 price objective for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, nVent Electric currently has an average rating of Moderate Buy and an average target price of $87.00.

nVent Electric Price Performance

NVT opened at $79.92 on Monday. nVent Electric has a 1 year low of $40.22 and a 1 year high of $80.03. The company’s 50 day simple moving average is $73.12 and its 200 day simple moving average is $62.51. The stock has a market capitalization of $13.26 billion, a PE ratio of 23.30, a P/E/G ratio of 1.63 and a beta of 1.35. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.35 and a current ratio of 1.99.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. nVent Electric’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the business earned $0.67 EPS. As a group, sell-side analysts expect that nVent Electric will post 3.25 EPS for the current year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.95%. nVent Electric’s dividend payout ratio is currently 22.16%.

Insider Transactions at nVent Electric

In related news, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total transaction of $738,004.13. Following the sale, the insider now owns 33,109 shares of the company’s stock, valued at approximately $2,229,228.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other nVent Electric news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total transaction of $738,004.13. Following the transaction, the insider now directly owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $63.39, for a total transaction of $254,067.12. Following the transaction, the director now directly owns 43,072 shares in the company, valued at approximately $2,730,334.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 199,541 shares of company stock valued at $12,810,216. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Several institutional investors have recently made changes to their positions in NVT. Congress Asset Management Co. MA acquired a new position in nVent Electric during the 3rd quarter valued at approximately $116,908,000. FMR LLC boosted its holdings in shares of nVent Electric by 41.8% during the third quarter. FMR LLC now owns 6,556,055 shares of the company’s stock valued at $347,405,000 after acquiring an additional 1,932,142 shares during the period. Norges Bank bought a new position in shares of nVent Electric during the fourth quarter worth about $109,630,000. Massachusetts Financial Services Co. MA increased its holdings in shares of nVent Electric by 68.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,952,040 shares of the company’s stock worth $209,419,000 after acquiring an additional 1,604,534 shares during the period. Finally, Robeco Schweiz AG lifted its position in nVent Electric by 3,911.6% in the 3rd quarter. Robeco Schweiz AG now owns 1,315,800 shares of the company’s stock valued at $69,724,000 after purchasing an additional 1,283,000 shares during the last quarter. 90.05% of the stock is 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.