nVent Electric (NYSE:NVT) Hits New 12-Month High Following Analyst Upgrade

Shares of nVent Electric plc (NYSE:NVT - Get Free Report) hit a new 52-week high during trading on Wednesday after Barclays raised their price target on the stock from $74.00 to $85.00. Barclays currently has an overweight rating on the stock. nVent Electric traded as high as $76.42 and last traded at $76.25, with a volume of 174846 shares traded. The stock had previously closed at $75.20.

Several other analysts also recently issued reports on the stock. Citigroup lifted their price target on shares of nVent Electric from $59.00 to $64.00 and gave the company a "buy" rating in a research report on Monday, December 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of nVent Electric in a research report on Monday, March 11th. They issued a "buy" rating and a $83.00 price target for the company. Royal Bank of Canada raised their price objective on nVent Electric from $65.00 to $72.00 and gave the company an "outperform" rating in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group raised their price objective on nVent Electric from $69.00 to $77.00 and gave the company a "buy" rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $76.20.

Insider Transactions at nVent Electric

In other news, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $67.33, for a total transaction of $738,004.13. Following the sale, the insider now directly owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jerry W. Burris sold 4,008 shares of the business's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $63.39, for a total value of $254,067.12. Following the sale, the director now directly owns 43,072 shares in the company, valued at approximately $2,730,334.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael B. Faulconer sold 10,961 shares of the business's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the sale, the insider now owns 33,109 shares in the company, valued at $2,229,228.97. The disclosure for this sale can be found here. Insiders have sold 400,252 shares of company stock worth $25,713,777 in the last ninety days. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVT. Citigroup Inc. grew its holdings in nVent Electric by 73.9% during the 3rd quarter. Citigroup Inc. now owns 71,372 shares of the company's stock valued at $3,782,000 after buying an additional 30,325 shares in the last quarter. Mariner LLC grew its holdings in nVent Electric by 10.1% during the 3rd quarter. Mariner LLC now owns 24,649 shares of the company's stock valued at $1,306,000 after buying an additional 2,263 shares in the last quarter. LPL Financial LLC grew its holdings in nVent Electric by 2.0% during the 3rd quarter. LPL Financial LLC now owns 172,171 shares of the company's stock valued at $9,123,000 after buying an additional 3,418 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in nVent Electric by 10.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,006,320 shares of the company's stock valued at $53,325,000 after buying an additional 91,709 shares in the last quarter. Finally, Oliver Luxxe Assets LLC grew its holdings in nVent Electric by 150.4% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 55,153 shares of the company's stock valued at $2,923,000 after buying an additional 33,127 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Up 1.8 %

The company has a current ratio of 1.82, a quick ratio of 1.22 and a debt-to-equity ratio of 0.56. The firm has a market cap of $12.64 billion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.35. The stock has a fifty day simple moving average of $67.45 and a two-hundred day simple moving average of $58.69.

nVent Electric (NYSE:NVT - Get Free Report) last posted its earnings results on Tuesday, February 6th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.03. The business had revenue of $861.20 million during the quarter, compared to analyst estimates of $866.90 million. nVent Electric had a return on equity of 17.53% and a net margin of 17.38%. The company's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 EPS. As a group, sell-side analysts expect that nVent Electric plc will post 3.24 EPS for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Thursday, April 25th. nVent Electric's payout ratio is 22.55%.

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.