Royal Bank of Canada Cuts nVent Electric (NYSE:NVT) Price Target to $88.00

nVent Electric (NYSE:NVT) had its price objective lowered by Royal Bank of Canada from $89.00 to $88.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft started coverage on nVent Electric in a research report on Monday, March 11th. They issued a buy rating and a $83.00 price target for the company. The Goldman Sachs Group raised their price target on shares of nVent Electric from $77.00 to $87.00 and gave the company a buy rating in a report on Monday. Citigroup boosted their price objective on shares of nVent Electric from $71.00 to $91.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, Barclays raised their target price on shares of nVent Electric from $74.00 to $85.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $87.00.

nVent Electric Stock Up 3.0 %

NYSE:NVT opened at $79.92 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. The firm has a market cap of $13.26 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35. The company has a 50-day moving average of $73.12 and a 200 day moving average of $62.51. nVent Electric has a 1-year low of $40.22 and a 1-year high of $80.03.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.04. The firm had revenue of $874.60 million during the quarter, compared to analysts’ expectations of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The company’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.67 EPS. As a group, research analysts anticipate that nVent Electric will post 3.25 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 26th will be paid a dividend of $0.19 per share. The ex-dividend date is Thursday, April 25th. This represents a $0.76 dividend on an annualized basis and a yield of 0.95%. nVent Electric’s payout ratio is 22.16%.

Insider Transactions at nVent Electric

In related news, Director Randall J. Hogan sold 184,572 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $64.03, for a total value of $11,818,145.16. Following the completion of the transaction, the director now owns 8,277 shares in the company, valued at approximately $529,976.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jerry W. Burris sold 4,008 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $63.39, for a total value of $254,067.12. Following the sale, the director now owns 43,072 shares in the company, valued at $2,730,334.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Randall J. Hogan sold 184,572 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $64.03, for a total transaction of $11,818,145.16. Following the transaction, the director now directly owns 8,277 shares of the company’s stock, valued at approximately $529,976.31. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 199,541 shares of company stock worth $12,810,216. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Several institutional investors and hedge funds have recently modified their holdings of NVT. Quent Capital LLC increased its holdings in shares of nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock valued at $25,000 after purchasing an additional 234 shares in the last quarter. HM Payson & Co. acquired a new stake in nVent Electric in the third quarter valued at approximately $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of nVent Electric in the first quarter valued at approximately $26,000. Livelsberger Financial Advisory acquired a new position in shares of nVent Electric during the 4th quarter worth approximately $28,000. Finally, Pacific Center for Financial Services purchased a new position in shares of nVent Electric during the 3rd quarter valued at approximately $32,000. Institutional investors and hedge funds 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.