Citigroup Increases nVent Electric (NYSE:NVT) Price Target to $152.00

nVent Electric (NYSE:NVT) had its price target lifted by equities researchers at Citigroup from $133.00 to $152.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 15.76% from the company’s current price.

A number of other analysts have also recently issued reports on the company. KeyCorp lifted their price objective on nVent Electric from $125.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, February 9th. Zacks Research lowered nVent Electric from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Wolfe Research upgraded nVent Electric to an “outperform” rating in a research report on Monday, February 9th. Weiss Ratings upgraded nVent Electric from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 11th. Finally, Royal Bank Of Canada boosted their price objective on shares of nVent Electric from $138.00 to $143.00 and gave the stock an “outperform” rating in a research note on Thursday, March 19th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, nVent Electric currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.00.

nVent Electric Stock Performance

NYSE NVT traded up $0.75 during trading hours on Monday, hitting $131.31. 677,345 shares of the stock were exchanged, compared to its average volume of 2,284,903. The stock has a 50-day moving average of $116.65 and a 200 day moving average of $109.00. The company has a market cap of $21.23 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 1.36 and a beta of 1.28. nVent Electric has a 12-month low of $47.86 and a 12-month high of $131.84. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.41.

nVent Electric (NYSE:NVT) last released its earnings results on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. nVent Electric’s revenue was up 41.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 earnings per share. As a group, equities research analysts forecast that nVent Electric will post 3.04 earnings per share for the current year.

Insider Activity at nVent Electric

In related news, Director Susan M. Cameron sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total value of $572,600.00. Following the transaction, the director directly owned 13,405 shares in the company, valued at approximately $1,535,140.60. This represents a 27.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Beth Wozniak sold 7,597 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $116.47, for a total value of $884,822.59. Following the completion of the sale, the chief executive officer owned 52,990 shares of the company’s stock, valued at $6,171,745.30. The trade was a 12.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 17,841 shares of company stock worth $2,046,166. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors have recently bought and sold shares of NVT. Global Trust Asset Management LLC bought a new position in shares of nVent Electric in the third quarter worth approximately $30,000. Root Financial Partners LLC bought a new stake in nVent Electric during the third quarter valued at about $31,000. Manchester Capital Management LLC increased its position in shares of nVent Electric by 128.1% during the fourth quarter. Manchester Capital Management LLC now owns 308 shares of the company’s stock worth $31,000 after purchasing an additional 173 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of nVent Electric in the fourth quarter valued at about $32,000. Finally, Advisory Services Network LLC acquired a new position in nVent Electric in the 3rd quarter worth about $35,000. 90.05% of the stock is owned by institutional investors.

About nVent Electric

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.