nVent Electric (NYSE:NVT) Sets New 12-Month High – Here’s Why

nVent Electric PLC (NYSE:NVT) reached a new 52-week high during trading on Tuesday . The company 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

Several research firms have issued reports on NVT. Citigroup upped their price objective on shares of nVent Electric from $114.00 to $131.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. UBS Group initiated coverage on nVent Electric in a report on Thursday, November 20th. They issued a “buy” rating and a $128.00 target price for the company. Barclays raised their price target on nVent Electric from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. The Goldman Sachs Group lifted their price target on nVent Electric from $111.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Wall Street Zen raised nVent Electric from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 18th. Nine equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $123.63.

nVent Electric Trading Up 3.5%

The company has a 50 day simple moving average of $106.69 and a 200 day simple moving average of $99.47. 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 stock has a market capitalization of $19.33 billion, a PE ratio of 33.15, a P/E/G ratio of 1.20 and a beta of 1.33.

nVent Electric (NYSE:NVT) last released its earnings results on Friday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. nVent Electric had a return on equity of 14.29% and a net margin of 16.83%.The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. Analysts predict that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Increases Dividend

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

Insider Activity

In other news, insider Sara E. Zawoyski sold 115,557 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $112.78, for a total transaction of $13,032,518.46. Following the transaction, the insider directly owned 66,680 shares in the company, valued at $7,520,170.40. The trade was a 63.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Greg Scheu sold 5,591 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $104.04, for a total transaction of $581,687.64. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 130,285 shares of company stock worth $14,621,124 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of large investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in shares of nVent Electric by 33.1% in the 1st quarter. AQR Capital Management LLC now owns 94,968 shares of the company’s stock valued at $4,841,000 after buying an additional 23,606 shares during the period. Jones Financial Companies Lllp raised its position in nVent Electric by 575.6% in the first quarter. Jones Financial Companies Lllp now owns 8,803 shares of the company’s stock worth $461,000 after acquiring an additional 7,500 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in nVent Electric by 436.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,072 shares of the company’s stock valued at $56,000 after acquiring an additional 872 shares during the period. QRG Capital Management Inc. boosted its position in shares of nVent Electric by 6.2% during the 2nd quarter. QRG Capital Management Inc. now owns 4,637 shares of the company’s stock worth $340,000 after purchasing an additional 269 shares in the last quarter. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of nVent Electric during the 2nd quarter worth $48,443,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Company Profile

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.