nVent Electric (NYSE:NVT) Price Target Raised to $85.00

nVent Electric (NYSE:NVT) had its price objective boosted by Royal Bank of Canada from $80.00 to $85.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

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

nVent Electric Trading Up 3.2 %

NYSE:NVT opened at $70.65 on Friday. nVent Electric has a 52 week low of $55.19 and a 52 week high of $86.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83. The firm’s fifty day moving average is $73.88 and its 200-day moving average is $71.70. The firm 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 1.27.

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

nVent Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Friday, January 17th. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. nVent Electric’s payout ratio is 23.46%.

Insiders Place Their Bets

In related news, 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 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 at this link. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the sale, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at $1,972,088.91. The trade was a 23.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,382 shares of company stock worth $7,365,956. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of nVent Electric by 22.1% during the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after buying an additional 1,269,335 shares in the last quarter. State Street Corp increased its position in shares of nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after acquiring an additional 42,465 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after acquiring an additional 673,990 shares during the period. Geode Capital Management LLC boosted its position in nVent Electric by 1.1% in the third 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. Finally, Janus Henderson Group PLC grew its stake in nVent Electric by 23.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after purchasing an additional 466,042 shares during the period. 90.05% of the stock is owned by 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.