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

nVent Electric (NYSE:NVT) had its price objective increased by Royal Bank of Canada from $85.00 to $86.00 in a research note released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts also recently issued reports on the stock. KeyCorp upped their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Barclays increased their target price on nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Citigroup dropped their price target on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric has a consensus rating of “Buy” and a consensus price target of $86.33.

nVent Electric Stock Performance

Shares of NVT stock opened at $67.85 on Friday. The stock has a fifty day moving average price of $70.89 and a 200 day moving average price of $70.36. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.36 and a current ratio of 1.73. The stock has a market cap of $11.18 billion, a PE ratio of 34.62, a P/E/G ratio of 3.01 and a beta of 1.26. nVent Electric has a 1 year low of $56.44 and a 1 year high of $86.57.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. Sell-side analysts forecast that nVent Electric will post 3.03 earnings per share for the current fiscal year.

nVent Electric Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, January 17th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, January 17th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. nVent Electric’s dividend payout ratio (DPR) is 40.82%.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.00, for a total value of $524,640.00. Following the sale, the director now directly owns 45,040 shares of the company’s stock, valued at approximately $3,603,200. This trade represents a 12.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sara E. Zawoyski sold 14,505 shares of nVent Electric stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This trade represents a 18.91 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On nVent Electric

Several hedge funds have recently modified their holdings of NVT. MassMutual Private Wealth & Trust FSB raised its stake in nVent Electric by 26.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock worth $53,000 after purchasing an additional 162 shares during the period. CIBC Asset Management Inc increased its holdings in shares of nVent Electric by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 4,823 shares of the company’s stock worth $339,000 after buying an additional 166 shares during the last quarter. Calamos Advisors LLC raised its position in shares of nVent Electric by 1.6% in the 4th quarter. Calamos Advisors LLC now owns 11,468 shares of the company’s stock worth $782,000 after buying an additional 176 shares during the period. 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 valued at $27,000 after acquiring an additional 181 shares during the last quarter. Finally, Huntington National Bank grew its position in nVent Electric by 57.3% during the third quarter. Huntington National Bank now owns 612 shares of the company’s stock valued at $43,000 after acquiring an additional 223 shares during the period. 90.05% of the stock is owned by institutional investors and hedge funds.

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.