nVent Electric PLC (NYSE:NVT) Receives $70.67 Consensus Price Target from Analysts

nVent Electric PLC (NYSE:NVT) has earned a consensus rating of “Buy” from the seven brokerages that are covering the company, MarketBeat reports. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $70.67.

Several research analysts have recently weighed in on the company. Citigroup reduced their target price on nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research note on Monday, April 14th. KeyCorp upped their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Barclays boosted their target price on shares of nVent Electric from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group reduced their price target on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd.

Insider Buying and Selling at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president owned 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors purchased a new stake in shares of nVent Electric during the 4th quarter valued at approximately $384,749,000. Nuveen LLC purchased a new stake in shares of nVent Electric during the first quarter worth approximately $229,615,000. Norges Bank acquired a new stake in shares of nVent Electric in the 4th quarter valued at $197,434,000. Millennium Management LLC lifted its holdings in nVent Electric by 743.7% during the 4th quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock worth $151,017,000 after buying an additional 1,953,026 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of nVent Electric by 1,869.8% during the 1st quarter. American Century Companies Inc. now owns 1,462,840 shares of the company’s stock worth $76,682,000 after buying an additional 1,388,578 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Trading Up 0.7%

nVent Electric stock opened at $73.95 on Tuesday. The firm has a market cap of $12.18 billion, a PE ratio of 21.13, a P/E/G ratio of 1.46 and a beta of 1.31. nVent Electric has a 12 month low of $41.71 and a 12 month high of $81.55. The stock’s 50 day simple moving average is $66.32 and its two-hundred day simple moving average is $63.10. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 earnings per share. Analysts anticipate that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Friday, July 18th. nVent Electric’s dividend payout ratio (DPR) is 22.86%.

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.