JPMorgan Chase & Co. Has Lowered Expectations for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its price target dropped by investment analysts at JPMorgan Chase & Co. from $167.00 to $155.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 37.88% from the company’s current price.

Other analysts have also issued research reports about the stock. KeyCorp reaffirmed an “overweight” rating on shares of nVent Electric in a report on Monday, November 2nd. Citigroup reduced their price target on shares of nVent Electric from $228.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, November 2nd. Weiss Ratings lowered nVent Electric from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. Seaport Research Partners reiterated a “neutral” rating and set a $225.00 price target on shares of nVent Electric in a research report on Monday, October 12th. Finally, Wells Fargo & Company lifted their target price on shares of nVent Electric from $182.00 to $190.00 and gave the company an “equal weight” rating in a research report on Monday, November 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, nVent Electric has a consensus rating of “Buy” and an average price target of $197.12.

nVent Electric Stock Down 1.8%

NVT stock opened at $112.41 on Wednesday. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $18.17 billion, a PE ratio of 27.09, a PEG ratio of 0.58 and a beta of 1.39. nVent Electric has a twelve month low of $93.22 and a twelve month high of $184.64. The stock has a 50-day simple moving average of $147.43 and a two-hundred day simple moving average of $144.51.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, October 30th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.12. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The company’s revenue was up 43.7% on a year-over-year basis. On average, equities analysts predict that nVent Electric will post 5.36 EPS for the current fiscal year.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Herbert Parker acquired 3,000 shares of the stock in a transaction dated Monday, November 9th. The stock was purchased at an average cost of $113.14 per share, for a total transaction of $339,420.00. Following the acquisition, the director owned 19,853 shares in the company, valued at $2,246,168.42. The trade was a 17.80% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Livelsberger Financial Advisory bought a new stake in shares of nVent Electric in the 3rd quarter valued at about $28,000. Aberdeen Group plc bought a new position in nVent Electric during the 3rd quarter worth approximately $32,000. Elevation Wealth Partners LLC grew its position in nVent Electric by 554.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 216 shares of the company’s stock worth $37,000 after acquiring an additional 183 shares during the last quarter. Provenance Wealth Advisors LLC purchased a new position in nVent Electric in the 3rd quarter worth approximately $36,000. Finally, MCF Advisors LLC increased its stake in nVent Electric by 236.1% in the 2nd quarter. MCF Advisors LLC now owns 242 shares of the company’s stock worth $41,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

About nVent Electric

nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications. The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world. nVent became an independent, publicly traded company in 2018 after its separation from Pentair.