nVent Electric (NYSE:NVT) Reaches New 12-Month High - Should You Buy?

Key Points

• nVent Electric PLC (NYSE:NVT) reached a new 12-month high of $91.60 during trading, reflecting strong market interest with a trading volume of 461,900 shares.
• Analysts are optimistic about nVent Electric, with price targets being raised by firms such as Citigroup setting a target of $86.00 and Royal Bank of Canada at $102.00, resulting in a consensus rating of "Buy."
• The company reported a significant year-over-year revenue increase of 30.1% alongside a quarterly earnings per share of $0.86, surpassing analysts' expectations.

nVent Electric PLC (NYSE:NVT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $91.60 and last traded at $91.20, with a volume of 461900 shares traded. The stock had previously closed at $88.76.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NVT. KeyCorp raised their price target on nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Citigroup raised their price target on nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Wall Street Zen raised nVent Electric from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $102.00 price target (up from $85.00) on shares of nVent Electric in a research note on Monday, August 4th. Finally, Barclays reaffirmed an "overweight" rating on shares of nVent Electric in a research note on Monday, August 4th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, nVent Electric currently has a consensus rating of "Buy" and an average target price of $87.00.

nVent Electric Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.67 and a quick ratio of 1.20. The firm has a fifty day simple moving average of $75.32 and a 200 day simple moving average of $64.68. The company has a market cap of $14.80 billion, a price-to-earnings ratio of 26.19, a P/E/G ratio of 1.52 and a beta of 1.35.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $963.10 million for the quarter, compared to analyst estimates of $906.96 million. nVent Electric had a return on equity of 13.36% and a net margin of 17.72%. The company's revenue was up 30.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 EPS. On average, sell-side analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Saturday, January 1st were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. nVent Electric's dividend payout ratio (DPR) is 22.79%.

Insider Transactions at nVent Electric

In other nVent Electric news, insider Sara E. Zawoyski sold 22,109 shares of nVent Electric stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $89.54, for a total transaction of $1,979,639.86. Following the sale, the insider owned 66,640 shares in the company, valued at $5,966,945.60. The trade was a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Der Kolk Robert J. Van sold 10,993 shares of nVent Electric stock in a transaction on Monday, August 4th. The stock was sold at an average price of $89.14, for a total transaction of $979,916.02. Following the sale, the insider owned 40,772 shares in the company, valued at $3,634,416.08. This represents a 21.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,246 shares of company stock worth $17,383,112. Insiders own 2.50% of the company's stock.

Institutional Trading of nVent Electric

Several institutional investors have recently bought and sold shares of the stock. PFG Investments LLC lifted its stake in shares of nVent Electric by 2.7% during the second quarter. PFG Investments LLC now owns 5,020 shares of the company's stock valued at $368,000 after acquiring an additional 132 shares during the period. Alliance Wealth Advisors LLC UT lifted its stake in shares of nVent Electric by 1.1% during the first quarter. Alliance Wealth Advisors LLC UT now owns 14,192 shares of the company's stock valued at $744,000 after acquiring an additional 159 shares during the period. Trust Co. of Vermont increased its holdings in nVent Electric by 57.8% in the second quarter. Trust Co. of Vermont now owns 434 shares of the company's stock valued at $32,000 after purchasing an additional 159 shares during the last quarter. Coldstream Capital Management Inc. increased its holdings in nVent Electric by 1.2% in the second quarter. Coldstream Capital Management Inc. now owns 13,917 shares of the company's stock valued at $1,019,000 after purchasing an additional 169 shares during the last quarter. Finally, Utah Retirement Systems grew its position in shares of nVent Electric by 2.3% during the 4th quarter. Utah Retirement Systems now owns 8,923 shares of the company's stock worth $608,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds 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.

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