Citigroup Increases nVent Electric (NYSE:NVT) Price Target to $86.00

nVent Electric (NYSE:NVT - Free Report) had its target price lifted by Citigroup from $69.00 to $86.00 in a research note published on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada increased their price target on shares of nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Wall Street Zen raised shares of nVent Electric from a "hold" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group raised their price objective on shares of nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Barclays raised their price objective on shares of nVent Electric from $74.00 to $80.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, KeyCorp raised their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $80.33.

nVent Electric Price Performance

Shares of nVent Electric stock traded down $0.10 during trading on Monday, reaching $74.45. 1,613,245 shares of the stock traded hands, compared to its average volume of 1,988,479. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42. nVent Electric has a 52-week low of $41.71 and a 52-week high of $81.20. The business has a fifty day simple moving average of $69.41 and a two-hundred day simple moving average of $63.39. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 1.48 and a beta of 1.31.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The firm had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. During the same quarter last year, the firm earned $0.78 EPS. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. Sell-side analysts expect that nVent Electric will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be paid a dividend of $0.20 per share. 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 is presently 22.86%.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction that occurred 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 completion of the sale, the executive vice president 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of nVent Electric

Several institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors purchased a new position in nVent Electric during the fourth quarter valued at approximately $384,749,000. Nuveen LLC purchased a new position in nVent Electric during the first quarter valued at approximately $229,615,000. Norges Bank purchased a new position in nVent Electric during the fourth quarter valued at approximately $197,434,000. William Blair Investment Management LLC increased its holdings in nVent Electric by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock valued at $176,630,000 after buying an additional 210,690 shares during the period. Finally, Clean Energy Transition LLP increased its holdings in nVent Electric by 6.8% during the first quarter. Clean Energy Transition LLP now owns 2,260,068 shares of the company's stock valued at $118,473,000 after buying an additional 144,403 shares during the period. 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.