nVent Electric plc (NYSE:NVT) Receives $87.80 Average Price Target from Brokerages

Shares of nVent Electric plc (NYSE:NVT) have been assigned an average rating of “Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $86.50.

A number of research firms recently commented on NVT. Barclays lifted their price target on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. KeyCorp upgraded shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Wednesday. Finally, Royal Bank of Canada decreased their target price on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th.

Insider Activity at nVent Electric

In related news, Director Herbert K. Parker purchased 7,566 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now directly owns 34,524 shares of the company’s stock, valued at $2,268,572.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now directly owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Herbert K. Parker acquired 7,566 shares of nVent Electric stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the purchase, the director now directly owns 34,524 shares of the company’s stock, valued at $2,268,572.04. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of nVent Electric in the fourth quarter valued at approximately $109,630,000. Balyasny Asset Management L.P. grew its holdings in nVent Electric by 201.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock valued at $82,802,000 after purchasing an additional 937,149 shares during the period. Schroder Investment Management Group bought a new position in nVent Electric during the fourth quarter valued at $51,781,000. Millennium Management LLC boosted its holdings in shares of nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after acquiring an additional 828,425 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of nVent Electric by 16.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after purchasing an additional 673,990 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Price Performance

NVT stock opened at $61.63 on Wednesday. nVent Electric has a 52-week low of $45.60 and a 52-week high of $86.57. The stock’s fifty day simple moving average is $69.63 and its 200-day simple moving average is $73.34. The company has a quick ratio of 1.49, a current ratio of 2.17 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $10.23 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 1.30 and a beta of 1.27.

nVent Electric (NYSE:NVT) last issued its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The firm had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. nVent Electric’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 EPS. Equities research analysts expect that nVent Electric will post 3.26 EPS for the current year.

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.