Royal Bank of Canada Forecasts Strong Price Appreciation for nVent Electric (NYSE:NVT) Stock

nVent Electric (NYSE:NVT) had its price objective increased by equities research analysts at Royal Bank of Canada from $80.00 to $85.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 20.31% from the company’s previous close.

Other analysts have also issued reports about the stock. Barclays upped their target price on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Citigroup increased their price objective on shares of nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, KeyCorp lifted their price objective 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric currently has a consensus rating of “Buy” and a consensus price target of $86.33.

nVent Electric Trading Up 3.2 %

Shares of nVent Electric stock opened at $70.65 on Friday. 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’s 50 day simple moving average is $73.88 and its 200-day simple moving average is $71.75. The stock 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 has a 1-year low of $55.19 and a 1-year high of $86.57.

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

Insider Transactions at nVent Electric

In other nVent Electric news, CFO Sara E. Zawoyski sold 14,505 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the completion of the sale, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This represents a 18.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction that occurred on 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 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 ninety days, insiders have sold 96,382 shares of company stock worth $7,365,956. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Several large investors have recently modified their holdings of the stock. Natixis Advisors LLC increased its stake in nVent Electric by 3.3% in the 2nd quarter. Natixis Advisors LLC now owns 143,947 shares of the company’s stock valued at $11,027,000 after buying an additional 4,651 shares during the period. TIAA Trust National Association purchased a new position in nVent Electric during the second quarter worth about $287,000. Arizona State Retirement System lifted its position in nVent Electric by 1.4% in the second quarter. Arizona State Retirement System now owns 46,212 shares of the company’s stock valued at $3,540,000 after purchasing an additional 616 shares during the period. Private Advisor Group LLC lifted its position in nVent Electric by 23.4% in the second quarter. Private Advisor Group LLC now owns 8,140 shares of the company’s stock valued at $624,000 after purchasing an additional 1,542 shares during the period. Finally, Norden Group LLC boosted its holdings in nVent Electric by 2.7% in the 2nd quarter. Norden Group LLC now owns 17,614 shares of the company’s stock valued at $1,349,000 after purchasing an additional 456 shares in the last quarter. Hedge funds and other institutional investors 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.