Royal Bank of Canada Trims nVent Electric (NYSE:NVT) Target Price to $82.00

nVent Electric (NYSE:NVT) had its target price reduced by Royal Bank of Canada from $88.00 to $82.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently weighed in on NVT. Citigroup lifted their price objective on shares of nVent Electric from $91.00 to $92.00 and gave the company a buy rating in a report on Monday, May 6th. Barclays boosted their target price on shares of nVent Electric from $85.00 to $95.00 and gave the stock an overweight rating in a research note on Tuesday, June 4th. Finally, The Goldman Sachs Group increased their target price on nVent Electric from $77.00 to $87.00 and gave the company a buy rating in a report on Monday, May 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $87.80.

nVent Electric Price Performance

Shares of NVT stock traded up $0.94 during trading hours on Wednesday, hitting $63.72. The stock had a trading volume of 1,677,437 shares, compared to its average volume of 1,505,156. nVent Electric has a one year low of $45.60 and a one year high of $86.57. 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 50-day moving average price is $74.87 and its two-hundred day moving average price is $72.98. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.52 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The business had revenue of $880.30 million for the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. Equities analysts forecast that nVent Electric will post 3.27 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Friday, July 19th were issued a $0.19 dividend. The ex-dividend date of this dividend was Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a yield of 1.19%. nVent Electric’s dividend payout ratio (DPR) is presently 22.16%.

Insiders Place Their Bets

In other news, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares in the company, valued at approximately $1,833,832.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On nVent Electric

Several institutional investors and hedge funds have recently made changes to their positions in NVT. Massachusetts Financial Services Co. MA increased its stake in shares of nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Boston Partners increased its position in nVent Electric by 3.2% during the first quarter. Boston Partners now owns 3,325,834 shares of the company’s stock worth $250,770,000 after buying an additional 102,643 shares in the last quarter. Clean Energy Transition LLP raised its holdings in shares of nVent Electric by 1.6% in the fourth quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock worth $150,121,000 after acquiring an additional 39,169 shares during the last quarter. Congress Asset Management Co. MA raised its stake in nVent Electric by 1.2% in the 1st quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock valued at $167,338,000 after purchasing an additional 26,897 shares during the last quarter. Finally, Norges Bank purchased a new position in nVent Electric in the 4th quarter valued at about $109,630,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.