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

KeyCorp upgraded shares of nVent Electric (NYSE:NVT) from a sector weight rating to an overweight rating in a research note released on Wednesday, Marketbeat reports. They currently have $80.00 target price on the stock. KeyCorp also issued estimates for nVent Electric’s Q3 2024 earnings at $0.82 EPS, Q4 2024 earnings at $0.85 EPS, FY2024 earnings at $3.26 EPS and FY2025 earnings at $3.60 EPS.

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

nVent Electric Trading Down 0.8 %

NYSE:NVT opened at $61.63 on Wednesday. nVent Electric has a 12-month low of $45.60 and a 12-month high of $86.57. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $69.63 and its 200-day simple moving average is $73.41. The firm has a market cap of $10.23 billion, a P/E ratio of 17.97, a PEG ratio of 1.30 and a beta of 1.27.

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

Insider Transactions at nVent Electric

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB grew its position in shares of nVent Electric by 15.5% in the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock valued at $5,684,000 after purchasing an additional 10,135 shares during the period. Jump Financial LLC grew its holdings in nVent Electric by 194.1% in the 4th quarter. Jump Financial LLC now owns 39,432 shares of the company’s stock valued at $2,330,000 after buying an additional 26,024 shares during the period. Mountain Pacific Investment Advisers Inc. ID increased its stake in shares of nVent Electric by 85.1% during the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock valued at $8,794,000 after acquiring an additional 53,633 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock worth $14,344,000 after acquiring an additional 8,489 shares during the period. Finally, Principal Securities Inc. acquired a new stake in shares of nVent Electric in the fourth quarter worth approximately $1,221,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

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.