Citigroup Boosts nVent Electric (NYSE:NVT) Price Target to $91.00

nVent Electric (NYSE:NVT) had its price target lifted by equities researchers at Citigroup from $78.00 to $91.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 22.25% from the stock’s current price.

A number of other research firms also recently weighed in on NVT. Barclays increased their target price on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Royal Bank of Canada lowered their target price on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, KeyCorp boosted their target price on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and an average target price of $85.50.

nVent Electric Price Performance

NVT stock opened at $74.44 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83. nVent Electric has a 52-week low of $55.19 and a 52-week high of $86.57. The company has a market capitalization of $12.27 billion, a P/E ratio of 21.83, a PEG ratio of 3.96 and a beta of 1.25. The company has a fifty day moving average price of $74.44 and a 200-day moving average price of $72.89.

nVent Electric (NYSE:NVT) last announced its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $937.37 million. During the same period in the prior year, the business earned $0.84 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts expect that nVent Electric will post 2.5 EPS for the current year.

Insider Activity

In related news, Director Jerry W. Burris sold 6,558 shares of nVent Electric stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the sale, the director now owns 45,040 shares of the company’s stock, valued at approximately $3,603,200. This trade represents a 12.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the transaction, the chief accounting officer now owns 25,993 shares in the company, valued at approximately $1,972,088.91. The trade was a 23.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,382 shares of company stock worth $7,365,956. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC boosted its stake in nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of nVent Electric by 280.0% in the third quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after purchasing an additional 308 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of nVent Electric in the third quarter valued at approximately $29,000. ORG Partners LLC purchased a new position in shares of nVent Electric during the second quarter valued at approximately $31,000. Finally, First Foundation Advisors bought a new stake in nVent Electric during the second quarter worth $34,000. 90.05% of the stock is owned by institutional investors.

About nVent Electric

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.