nVent Electric (NYSE:NVT) Given New $102.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target for nVent Electric from $85.00 to $102.00, indicating a potential upside of 12.09% from the previous close.
• Recent earnings report showed nVent Electric exceeded expectations with $0.86 EPS, surpassing the consensus estimate of $0.79, and reported revenue growth of 30.1% year-over-year.
• The stock currently has a consensus rating of "Buy", with multiple analysts issuing buy ratings and price targets reflecting upward revisions from various brokerages.

nVent Electric (NYSE:NVT - Get Free Report) had its price target increased by Royal Bank Of Canada from $85.00 to $102.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 12.09% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of nVent Electric from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Roth Capital began coverage on nVent Electric in a report on Wednesday, July 23rd. They set a "buy" rating and a $89.00 price objective for the company. 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, July 7th. KeyCorp boosted their price target on nVent Electric from $78.00 to $84.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, Barclays raised their price objective on nVent Electric from $74.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $85.43.

nVent Electric Trading Up 1.2%

NYSE NVT traded up $1.12 during mid-day trading on Monday, reaching $91.00. 853,608 shares of the stock were exchanged, compared to its average volume of 2,190,372. The business's fifty day simple moving average is $72.50 and its 200 day simple moving average is $64.05. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.67. The stock has a market capitalization of $14.98 billion, a PE ratio of 26.00, a PEG ratio of 1.69 and a beta of 1.35. nVent Electric has a 1-year low of $41.71 and a 1-year high of $91.52.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. nVent Electric had a return on equity of 13.36% and a net margin of 17.72%. The business had revenue of $963.10 million during the quarter, compared to the consensus estimate of $906.96 million. During the same quarter in the previous year, the business earned $0.82 earnings per share. The business's revenue for the quarter was up 30.1% on a year-over-year basis. On average, research analysts anticipate that nVent Electric will post 3.04 earnings per share for the current fiscal year.

Insider Transactions at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the transaction, the executive vice president directly owned 32,665 shares of the company's stock, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quaker Wealth Management LLC grew its stake in shares of nVent Electric by 199.3% during the second quarter. Quaker Wealth Management LLC now owns 1,004 shares of the company's stock valued at $74,000 after acquiring an additional 2,015 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in nVent Electric by 1.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 41,345 shares of the company's stock worth $3,029,000 after purchasing an additional 662 shares during the last quarter. Bessemer Group Inc. raised its position in shares of nVent Electric by 54.5% in the 2nd quarter. Bessemer Group Inc. now owns 975 shares of the company's stock valued at $71,000 after purchasing an additional 344 shares in the last quarter. Riverwater Partners LLC raised its position in shares of nVent Electric by 16.4% in the 2nd quarter. Riverwater Partners LLC now owns 5,080 shares of the company's stock valued at $372,000 after purchasing an additional 717 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of nVent Electric by 34.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 592,694 shares of the company's stock valued at $43,415,000 after buying an additional 150,362 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.