nVent Electric plc (NYSE:NVT) Receives $89.00 Average PT from Analysts

Shares of nVent Electric plc (NYSE:NVT) have received an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $89.00.

Several analysts recently commented on the stock. Citigroup upped their price target on shares of nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Deutsche Bank Aktiengesellschaft assumed coverage on nVent Electric in a report on Monday, March 11th. They issued a “buy” rating and a $83.00 target price on the stock. The Goldman Sachs Group increased their price target on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Barclays boosted their price objective on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Finally, Royal Bank of Canada cut their price objective on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday, May 6th.

nVent Electric Stock Up 2.2 %

nVent Electric stock opened at $77.32 on Thursday. The stock has a market cap of $12.84 billion, a PE ratio of 22.54, a P/E/G ratio of 1.68 and a beta of 1.31. 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 stock’s fifty day moving average is $78.92 and its two-hundred day moving average is $70.23. nVent Electric has a 1-year low of $45.60 and a 1-year high of $86.57.

nVent Electric (NYSE:NVT) last issued its 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 business had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter last year, the company earned $0.67 EPS. On average, sell-side analysts expect that nVent Electric will post 3.27 EPS for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Friday, July 19th. nVent Electric’s dividend payout ratio (DPR) is currently 22.16%.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of nVent Electric during the 4th quarter worth approximately $109,630,000. Balyasny Asset Management L.P. boosted its position in nVent Electric by 201.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock worth $82,802,000 after purchasing an additional 937,149 shares in the last quarter. Schroder Investment Management Group acquired a new stake in nVent Electric in the fourth quarter valued at $51,781,000. Goldman Sachs Group Inc. increased its position in shares of nVent Electric by 50.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock valued at $96,519,000 after buying an additional 547,624 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its stake in shares of nVent Electric by 2,475.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 558,714 shares of the company’s stock worth $33,014,000 after buying an additional 537,020 shares during the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

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.