Royal Bank of Canada Has Lowered Expectations for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its price target reduced by analysts at Royal Bank of Canada from $82.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 14.65% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Barclays lowered their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. KeyCorp boosted their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $85.33.

nVent Electric Price Performance

NVT stock opened at $69.78 on Monday. The firm has a 50 day moving average of $69.59 and a 200-day moving average of $73.09. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68. nVent Electric has a 12 month low of $49.08 and a 12 month high of $86.57. The firm has a market capitalization of $11.60 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26.

nVent Electric (NYSE:NVT) last announced its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company had revenue of $880.30 million for the quarter, compared to the consensus estimate of $892.89 million. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, sell-side analysts predict that nVent Electric will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling at nVent Electric

In related news, Director Herbert K. Parker acquired 7,566 shares of nVent Electric stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the transaction, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Herbert K. Parker bought 7,566 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Hedge funds have recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in nVent Electric by 280.0% in the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after purchasing an additional 308 shares in the last quarter. ORG Wealth Partners LLC bought a new position in nVent Electric in the 3rd quarter worth about $29,000. ORG Partners LLC bought a new position in nVent Electric in the 2nd quarter worth about $31,000. First Foundation Advisors bought a new position in nVent Electric in the 2nd quarter worth about $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in nVent Electric in the 2nd quarter worth about $34,000. 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.