nVent Electric (NYSE:NVT) Raised to “Overweight” at KeyCorp

KeyCorp upgraded shares of nVent Electric (NYSE:NVT) from a sector weight rating to an overweight rating in a research note published on Wednesday morning, Marketbeat reports. They currently have $80.00 price objective on the stock. KeyCorp also issued estimates for nVent Electric’s Q3 2024 earnings at $0.82 EPS, Q4 2024 earnings at $0.85 EPS, FY2024 earnings at $3.26 EPS and FY2025 earnings at $3.60 EPS.

Several other equities analysts also recently weighed in on the company. Royal Bank of Canada decreased their target price on nVent Electric from $88.00 to $82.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Barclays increased their price objective on nVent Electric from $85.00 to $95.00 and gave the company an overweight rating in a research note on Tuesday, June 4th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $86.50.

nVent Electric Price Performance

nVent Electric stock opened at $61.63 on Wednesday. The stock has a market capitalization of $10.23 billion, a P/E ratio of 17.97, a P/E/G ratio of 1.30 and a beta of 1.27. The company’s fifty day moving average price is $69.63 and its 200 day moving average price is $73.34. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. nVent Electric has a 1 year low of $45.60 and a 1 year high of $86.57.

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). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. During the same quarter last year, the business earned $0.77 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities research analysts anticipate that nVent Electric will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction 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 legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total value of $1,267,053.36. Following the completion of the transaction, the insider now directly owns 19,766 shares in the company, valued at $1,251,978.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the sale, the executive vice president now owns 30,432 shares in the company, valued at approximately $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently modified their holdings of the business. Banque Cantonale Vaudoise acquired a new position in nVent Electric in the first quarter valued at about $26,000. Livelsberger Financial Advisory acquired a new position in shares of nVent Electric in the 4th quarter worth approximately $28,000. ORG Partners LLC purchased a new position in shares of nVent Electric during the 2nd quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in shares of nVent Electric during the 1st quarter worth approximately $32,000. Finally, First Foundation Advisors purchased a new stake in nVent Electric in the second quarter valued at approximately $34,000. 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.