nVent Electric (NYSE:NVT) Sets New 12-Month High - Still a Buy?

Key Points

• The shares of nVent Electric reached a new 52-week high of $135.92 (last $134.39) on heavy volume, giving the company a market cap of about $21.7 billion.
• Analysts are broadly positive—11 buys and 1 hold result in a consensus “Moderate Buy” with an average target of $144, and several firms recently raised price targets (Citigroup to $152).
• Fundamentals were strong: nVent reported EPS of $0.90 and revenue of $1.07 billion, a 41.9% year-over-year increase, and announced a $0.21 quarterly dividend (0.6% yield).

Shares of nVent Electric PLC (NYSE:NVT - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $135.92 and last traded at $134.39, with a volume of 2092644 shares trading hands. The stock had previously closed at $133.16.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NVT. Citigroup raised their price objective on nVent Electric from $133.00 to $152.00 and gave the company a "buy" rating in a research report on Monday. Royal Bank Of Canada raised their price objective on nVent Electric from $138.00 to $143.00 and gave the company an "outperform" rating in a research report on Thursday, March 19th. Roth Mkm raised their price objective on nVent Electric from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. Wolfe Research raised nVent Electric to an "outperform" rating in a report on Monday, February 9th. Finally, Wall Street Zen lowered nVent Electric from a "strong-buy" rating to a "buy" rating in a report on Monday, February 23rd. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $144.00.

nVent Electric Trading Up 0.9%

The stock has a market capitalization of $21.73 billion, a PE ratio of 31.25, a P/E/G ratio of 1.38 and a beta of 1.28. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. The stock has a 50 day moving average price of $117.30 and a 200-day moving average price of $109.52.

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

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Friday, April 24th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, April 24th. This represents a $0.84 annualized dividend and a yield of 0.6%. nVent Electric's payout ratio is 19.53%.

Insider Activity at nVent Electric

In related news, Director Jerry W. Burris sold 5,244 shares of nVent Electric stock in a transaction on Friday, February 6th. The stock was sold at an average price of $112.27, for a total transaction of $588,743.88. Following the transaction, the director directly owned 46,371 shares in the company, valued at approximately $5,206,072.17. The trade was a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan M. Cameron sold 5,000 shares of nVent Electric stock in a transaction 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 transaction, the director owned 13,405 shares in the company, valued at $1,535,140.60. This trade represents a 27.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 17,841 shares of company stock worth $2,046,166. Corporate insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On nVent Electric

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in nVent Electric by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 3,125,289 shares of the company's stock valued at $318,752,000 after purchasing an additional 217,485 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in nVent Electric by 361.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,577,555 shares of the company's stock valued at $262,835,000 after purchasing an additional 2,019,483 shares in the last quarter. Norges Bank purchased a new position in nVent Electric during the fourth quarter valued at $245,955,000. Bank of New York Mellon Corp lifted its position in nVent Electric by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,949,761 shares of the company's stock valued at $198,817,000 after purchasing an additional 234,755 shares in the last quarter. Finally, Clark Capital Management Group Inc. lifted its position in nVent Electric by 2.4% during the third quarter. Clark Capital Management Group Inc. now owns 1,830,406 shares of the company's stock valued at $180,551,000 after purchasing an additional 43,502 shares in the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.