nVent Electric (NYSE:NVT) Given New $80.00 Price Target at Barclays

nVent Electric (NYSE:NVT - Free Report) had its price target raised by Barclays from $74.00 to $80.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

NVT has been the subject of several other research reports. Seaport Res Ptn raised nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Citigroup cut their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a report on Monday, April 14th. CL King raised nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target for the company in a report on Monday, March 17th. KeyCorp increased their target price on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group increased their target price on nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a research report on Monday. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, nVent Electric presently has an average rating of "Buy" and a consensus target price of $73.83.

nVent Electric Stock Performance

Shares of NVT traded down $0.49 during trading hours on Wednesday, hitting $74.71. The stock had a trading volume of 5,779,202 shares, compared to its average volume of 1,981,888. The stock has a fifty day moving average price of $67.89 and a 200 day moving average price of $63.21. nVent Electric has a 12 month low of $41.71 and a 12 month high of $81.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42. The firm has a market capitalization of $12.30 billion, a PE ratio of 21.35, a PEG ratio of 1.47 and a beta of 1.31.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. nVent Electric's revenue for the quarter was up 10.5% on a year-over-year basis. Analysts anticipate that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president directly owned 32,665 shares of the company's stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On nVent Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in nVent Electric during the first quarter valued at approximately $25,000. Capital A Wealth Management LLC bought a new position in nVent Electric during the fourth quarter valued at approximately $27,000. Whipplewood Advisors LLC boosted its stake in nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock valued at $32,000 after buying an additional 500 shares during the last quarter. Hughes Financial Services LLC bought a new position in nVent Electric during the first quarter valued at approximately $36,000. Finally, Park Square Financial Group LLC bought a new position in nVent Electric during the fourth quarter valued at approximately $38,000. 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.