nVent Electric (NYSE:NVT) Given New $75.00 Price Target at Royal Bank of Canada

nVent Electric (NYSE:NVT - Get Free Report) had its price target raised by Royal Bank of Canada from $73.00 to $75.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's price objective indicates a potential upside of 22.10% from the company's current price.

Several other research analysts have also issued reports on NVT. Citigroup dropped their price objective on nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Barclays reduced their price objective on nVent Electric from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. KeyCorp lifted their target price on nVent Electric from $60.00 to $72.00 and gave the company an "overweight" rating in a research report on Monday. The Goldman Sachs Group lowered their target price on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Finally, Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $69.17.

nVent Electric Stock Performance

nVent Electric stock traded up $1.80 during trading hours on Monday, reaching $61.42. 1,194,227 shares of the company were exchanged, compared to its average volume of 1,908,977. nVent Electric has a 12 month low of $41.71 and a 12 month high of $86.57. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 1.48 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The stock has a 50-day moving average of $53.63 and a 200 day moving average of $65.27.

nVent Electric (NYSE:NVT - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. nVent Electric's revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. As a group, research analysts anticipate that nVent Electric will post 3.04 earnings per share for the current year.

Hedge Funds Weigh In On nVent Electric

Several institutional investors have recently modified their holdings of NVT. Crews Bank & Trust bought a new position in nVent Electric in the 4th quarter valued at $26,000. Capital A Wealth Management LLC bought a new position in nVent Electric during the fourth quarter valued at about $27,000. Whipplewood Advisors LLC increased its holdings in nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock worth $32,000 after buying an additional 500 shares during the last quarter. Hughes Financial Services LLC purchased a new stake in nVent Electric during the first quarter worth about $36,000. Finally, Park Square Financial Group LLC bought a new stake in nVent Electric in the fourth quarter worth about $38,000. 90.05% of the stock is owned by institutional investors.

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.

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