nVent Electric (NYSE:NVT) Coverage Initiated by Analysts at Evercore

Key Points

• Evercore initiated coverage on nVent Electric with an "outperform" rating and a $160 price target, implying roughly a 22.6% upside from current levels.
• Analyst consensus is broadly positive—11 Buys and 1 Hold—resulting in a MarketBeat consensus target of $141.89 and a "Moderate Buy" rating.
• nVent recently beat quarterly estimates (EPS $0.90 vs. $0.89; revenue $1.07B, up 41.9% YoY) while insiders sold about 17,841 shares (~$2.05M) over the quarter, leaving insiders with 1.7% ownership.

Evercore initiated coverage on shares of nVent Electric (NYSE:NVT - Get Free Report) in a research note issued to investors on Monday. The firm set an "outperform" rating and a $160.00 price target on the stock. Evercore's price objective points to a potential upside of 22.56% from the stock's current price.

A number of other equities research analysts have also issued reports on NVT. Zacks Research lowered shares of nVent Electric from a "strong-buy" rating to a "hold" rating in a report on Friday, February 6th. Royal Bank Of Canada upped their price objective on shares of nVent Electric from $138.00 to $143.00 and gave the company an "outperform" rating in a report on Thursday, March 19th. Wolfe Research raised shares of nVent Electric to an "outperform" rating in a research note on Monday, February 9th. Wall Street Zen lowered shares of nVent Electric from a "strong-buy" rating to a "buy" rating in a research note on Monday, February 23rd. Finally, KeyCorp increased their target price on shares of nVent Electric from $125.00 to $130.00 and gave the stock an "overweight" rating in a research note on Monday, February 9th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.89.

nVent Electric Trading Down 0.0%

Shares of NVT opened at $130.54 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. nVent Electric has a 12-month low of $47.76 and a 12-month high of $131.84. The firm has a 50-day moving average price of $116.65 and a 200 day moving average price of $109.00. The firm has a market capitalization of $21.11 billion, a P/E ratio of 30.36, a P/E/G ratio of 1.36 and a beta of 1.28.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.01. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. nVent Electric's quarterly revenue was up 41.9% on a year-over-year basis. Sell-side analysts forecast that nVent Electric will post 3.04 EPS for the current year.

Insider Activity

In other news, Director Susan M. Cameron sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total value of $572,600.00. Following the completion of the transaction, the director owned 13,405 shares of the company's stock, valued at approximately $1,535,140.60. This trade represents a 27.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jerry W. Burris sold 5,244 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $112.27, for a total transaction of $588,743.88. Following the completion of the transaction, the director directly owned 46,371 shares of the company's stock, valued at approximately $5,206,072.17. The trade was a 10.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 17,841 shares of company stock valued at $2,046,166. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Global Trust Asset Management LLC acquired a new stake in nVent Electric in the third quarter valued at approximately $30,000. Manchester Capital Management LLC raised its holdings in nVent Electric by 128.1% in the fourth quarter. Manchester Capital Management LLC now owns 308 shares of the company's stock valued at $31,000 after acquiring an additional 173 shares in the last quarter. Root Financial Partners LLC acquired a new stake in nVent Electric in the third quarter valued at approximately $31,000. Cullen Frost Bankers Inc. acquired a new stake in nVent Electric in the fourth quarter valued at approximately $32,000. Finally, Elyxium Wealth LLC acquired a new stake in nVent Electric in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 90.05% of the company's stock.

About nVent Electric

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.

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