nVent Electric (NYSE:NVT) Lifted to Overweight at KeyCorp

KeyCorp upgraded shares of nVent Electric (NYSE:NVT) from a sector weight rating to an overweight rating in a report published on Wednesday, Marketbeat reports. They currently have $80.00 target price on the stock.

Several other analysts also recently issued reports on the company. Royal Bank of Canada lowered their price target on nVent Electric from $88.00 to $82.00 and set an outperform rating for the company in a report on Wednesday, August 7th. Barclays increased their target price on nVent Electric from $85.00 to $95.00 and gave the company an overweight rating in a research note on Tuesday, June 4th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $86.50.

nVent Electric Stock Performance

nVent Electric stock opened at $62.85 on Wednesday. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.30 and a beta of 1.27. nVent Electric has a 12 month low of $45.60 and a 12 month high of $86.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. The stock’s 50-day moving average is $70.21 and its 200-day moving average is $73.43.

nVent Electric (NYSE:NVT) last announced its quarterly 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). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The business had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same period last year, the firm earned $0.77 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts anticipate that nVent Electric will post 3.26 earnings per share for the current year.

Insider Activity

In related news, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares in the company, valued at $1,833,832.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herbert K. Parker purchased 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the acquisition, 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. Insiders own 2.50% of the company’s stock.

Institutional Trading of nVent Electric

Several hedge funds and other institutional investors have recently bought and sold shares of NVT. Banque Cantonale Vaudoise bought a new position in nVent Electric during the 1st quarter worth approximately $26,000. ORG Partners LLC bought a new position in nVent Electric during the second quarter worth $31,000. Rise Advisors LLC acquired a new position in nVent Electric in the first quarter worth $32,000. First Foundation Advisors bought a new stake in nVent Electric during the second quarter valued at $34,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of nVent Electric during the second quarter worth $34,000. 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.