Royal Bank of Canada Issues Positive Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its target price hoisted by equities researchers at Royal Bank of Canada from $80.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 21.93% from the company’s previous close.

A number of other research analysts have also recently issued reports on NVT. Citigroup boosted their target price on nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, December 9th. KeyCorp upped their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Barclays raised their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric currently has a consensus rating of “Buy” and an average target price of $86.33.

nVent Electric Trading Up 1.8 %

Shares of NVT stock traded up $1.25 during trading hours on Friday, reaching $69.71. The company had a trading volume of 264,607 shares, compared to its average volume of 562,673. nVent Electric has a 1-year low of $55.19 and a 1-year high of $86.57. 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 firm has a market cap of $11.49 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 3.86 and a beta of 1.25. The company has a 50 day moving average of $73.93 and a 200 day moving average of $71.81.

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

Insiders Place Their Bets

In related news, CFO Sara E. Zawoyski sold 14,505 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This trade represents a 18.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Randolph A. Wacker sold 8,022 shares of the company’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 completion of the transaction, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. The trade was a 23.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,382 shares of company stock worth $7,365,956 in the last quarter. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in nVent Electric by 6.6% during the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after purchasing an additional 25,482 shares during the last quarter. Geode Capital Management LLC lifted its holdings in nVent Electric by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after buying an additional 29,794 shares during the period. AQR Capital Management LLC lifted its stake in shares of nVent Electric by 101.2% in the 2nd quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock valued at $27,484,000 after purchasing an additional 180,488 shares during the period. MQS Management LLC acquired a new stake in nVent Electric during the second quarter worth approximately $606,000. Finally, Seven Eight Capital LP bought a new stake in nVent Electric in the second quarter worth approximately $1,119,000. Institutional investors own 90.05% of the company’s stock.

nVent Electric Company Profile

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.