nVent Electric (NYSE:NVT) Sets New 1-Year High – What’s Next?

nVent Electric PLC (NYSE:NVT)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $117.82 and last traded at $115.3250, with a volume of 86619 shares changing hands. The stock had previously closed at $115.79.

Analysts Set New Price Targets

NVT has been the subject of several research reports. Roth Mkm reiterated a “buy” rating and issued a $130.00 price target (up from $115.00) on shares of nVent Electric in a research note on Monday, November 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $136.00 target price on shares of nVent Electric in a research note on Thursday, January 15th. The Goldman Sachs Group lifted their target price on shares of nVent Electric from $111.00 to $140.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of nVent Electric in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded nVent Electric from a “buy” rating to a “strong-buy” rating in a research note on Sunday, January 18th. Nine analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $123.63.

nVent Electric Stock Performance

The company has a market capitalization of $18.33 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.28 and a beta of 1.33. The company has a current ratio of 1.57, a quick ratio of 1.11 and a debt-to-equity ratio of 0.44. The business’s fifty day moving average is $107.17 and its two-hundred day moving average is $99.90.

nVent Electric Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 6th. Investors of record on Friday, January 23rd will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.7%. This is a boost from nVent Electric’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, January 23rd. nVent Electric’s payout ratio is 23.14%.

Insider Activity

In other nVent Electric news, Director Greg Scheu sold 5,591 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $104.04, for a total value of $581,687.64. Following the completion of the transaction, the director owned 14,348 shares of the company’s stock, valued at approximately $1,492,765.92. The trade was a 28.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Beth Wozniak sold 4,137 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $110.35, for a total transaction of $456,517.95. Following the sale, the chief executive officer directly owned 47,984 shares in the company, valued at approximately $5,295,034.40. The trade was a 7.94% decrease in their position. The SEC filing for this sale provides additional information. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of nVent Electric during the 2nd quarter valued at about $234,290,000. Massachusetts Financial Services Co. MA raised its stake in nVent Electric by 146.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,195,543 shares of the company’s stock worth $234,074,000 after acquiring an additional 1,896,749 shares during the period. William Blair Investment Management LLC lifted its holdings in nVent Electric by 29.5% during the second quarter. William Blair Investment Management LLC now owns 3,113,936 shares of the company’s stock valued at $228,096,000 after purchasing an additional 709,464 shares in the last quarter. Champlain Investment Partners LLC boosted its position in shares of nVent Electric by 26.8% in the second quarter. Champlain Investment Partners LLC now owns 2,260,240 shares of the company’s stock worth $165,563,000 after purchasing an additional 477,135 shares during the period. Finally, Clark Capital Management Group Inc. boosted its position in shares of nVent Electric by 2.4% in the third quarter. Clark Capital Management Group Inc. now owns 1,830,406 shares of the company’s stock worth $180,551,000 after purchasing an additional 43,502 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.