Citigroup Has Lowered Expectations for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its price target reduced by analysts at Citigroup from $91.00 to $90.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 31.48% from the stock’s previous close.

Several other equities research analysts also recently issued reports on NVT. Barclays increased their target price on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. KeyCorp increased their price objective on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada increased their price objective on nVent Electric from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $86.17.

nVent Electric Stock Performance

Shares of NVT stock traded down $0.41 during trading on Monday, hitting $68.45. The company’s stock had a trading volume of 363,845 shares, compared to its average volume of 1,036,789. The company has a market cap of $11.28 billion, a PE ratio of 20.07, a P/E/G ratio of 3.86 and a beta of 1.27. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68. The business has a fifty day moving average of $73.55 and a 200-day moving average of $71.37. nVent Electric has a 52 week low of $55.19 and a 52 week high of $86.57.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. During the same quarter in the previous year, the company posted $0.84 EPS. nVent Electric’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts anticipate that nVent Electric will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total transaction of $524,640.00. Following the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. The trade was a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sara E. Zawoyski sold 14,505 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the sale, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This represents a 18.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,382 shares of company stock valued at $7,365,956. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Several hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC lifted its position in shares of nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock valued at $27,000 after buying an additional 181 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of nVent Electric during the 3rd quarter valued at approximately $29,000. UMB Bank n.a. lifted its position in shares of nVent Electric by 280.0% during the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after buying an additional 308 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of nVent Electric during the 2nd quarter valued at approximately $34,000. Finally, Anchor Investment Management LLC lifted its position in shares of nVent Electric by 94.0% during the 2nd quarter. Anchor Investment Management LLC now owns 578 shares of the company’s stock valued at $44,000 after buying an additional 280 shares in the last quarter. 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.