Citigroup Issues Positive Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its target price boosted by Citigroup from $78.00 to $91.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other analysts have also commented on the company. Barclays lifted their price objective on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. KeyCorp lifted their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada cut their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $85.50.

nVent Electric Price Performance

NVT opened at $75.07 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock has a market capitalization of $12.37 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 3.96 and a beta of 1.25. The company’s 50 day simple moving average is $74.44 and its 200-day simple moving average is $72.89. nVent Electric has a one year low of $55.19 and a one year high of $86.57.

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

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s payout ratio is 22.29%.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, EVP Jon D. Lammers sold 67,297 shares of the 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 in the company, valued at $4,421,264.47. This represents a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the sale, the chief accounting officer now directly owns 25,993 shares in the company, valued at approximately $1,972,088.91. This represents a 23.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,382 shares of company stock valued at $7,365,956. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NVT. Swedbank AB acquired a new stake in shares of nVent Electric during the third quarter worth $110,663,000. Franklin Resources Inc. increased its holdings in 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 purchasing an additional 1,269,335 shares in the last quarter. Millennium Management LLC raised its stake in shares of nVent Electric by 159.9% in the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock valued at $103,161,000 after purchasing an additional 828,425 shares during the period. Clean Energy Transition LLP lifted its holdings in shares of nVent Electric by 56.5% in the third quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after purchasing an additional 813,909 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings 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. Institutional investors and hedge funds own 90.05% of the company’s stock.

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.