nVent Electric (NYSE:NVT) Given New $86.00 Price Target at Royal Bank of Canada

nVent Electric (NYSE:NVT) had its price target boosted by Royal Bank of Canada from $85.00 to $86.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 26.75% from the stock’s previous close.

A number of other research firms have also weighed in on NVT. KeyCorp raised their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Citigroup lowered their target price on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Barclays increased their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $86.33.

nVent Electric Trading Up 3.1 %

NYSE NVT traded up $2.04 on Friday, reaching $67.85. The company had a trading volume of 2,214,837 shares, compared to its average volume of 2,259,023. The firm has a market cap of $11.18 billion, a price-to-earnings ratio of 19.85, a P/E/G ratio of 3.02 and a beta of 1.26. nVent Electric has a fifty-two week low of $56.44 and a fifty-two week high of $86.57. The business has a 50 day moving average of $70.89 and a two-hundred day moving average of $70.36. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. Analysts forecast that nVent Electric will post 2.49 EPS for the current year.

Insider Buying and Selling

In related news, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.00, for a total transaction of $524,640.00. Following the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. The trade was a 12.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sara E. Zawoyski sold 14,505 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $76.76, for a total value of $1,113,403.80. Following the transaction, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at $4,775,623.40. The trade was a 18.91 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Johnson Investment Counsel Inc. grew its stake in nVent Electric by 2.8% in the fourth quarter. Johnson Investment Counsel Inc. now owns 1,576,002 shares of the company’s stock worth $107,420,000 after purchasing an additional 42,943 shares during the period. Daiwa Securities Group Inc. grew its position in shares of nVent Electric by 16.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 53,700 shares of the company’s stock worth $3,660,000 after buying an additional 7,550 shares during the period. HM Payson & Co. increased its stake in shares of nVent Electric by 38.6% in the 4th quarter. HM Payson & Co. now owns 607,461 shares of the company’s stock worth $41,405,000 after acquiring an additional 169,075 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in nVent Electric by 11.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 43,424 shares of the company’s stock valued at $2,960,000 after acquiring an additional 4,387 shares during the period. Finally, Edgestream Partners L.P. boosted its stake in nVent Electric by 461.7% during the fourth quarter. Edgestream Partners L.P. now owns 35,717 shares of the company’s stock worth $2,434,000 after acquiring an additional 29,358 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.