nVent Electric (NYSE:NVT) Given New $85.00 Price Target at Royal Bank of Canada

nVent Electric (NYSE:NVT) had its price objective boosted by analysts at Royal Bank of Canada from $80.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 20.31% from the company’s current price.

NVT has been the topic of a number of other reports. KeyCorp boosted their target price on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Citigroup boosted their price objective on shares of nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Barclays raised their target price on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $86.33.

nVent Electric Stock Up 3.2 %

Shares of NYSE NVT opened at $70.65 on Friday. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 3.86 and a beta of 1.27. nVent Electric has a 52 week low of $55.19 and a 52 week high of $86.57. The firm has a 50-day moving average price of $73.88 and a 200 day moving average price of $71.75. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). The company had revenue of $782.00 million for the quarter, compared to analyst estimates of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. nVent Electric’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 earnings per share. Equities research analysts anticipate that nVent Electric will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CFO Sara E. Zawoyski sold 14,505 shares of nVent Electric stock in a transaction 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 owns 62,215 shares in the company, valued at $4,775,623.40. This trade represents a 18.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $608,629.14. Following the sale, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. The trade was a 23.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 96,382 shares of company stock worth $7,365,956. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in nVent Electric by 6.6% in the second quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock valued at $31,479,000 after buying an additional 25,482 shares during the period. Geode Capital Management LLC lifted its holdings in shares of nVent Electric by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after acquiring an additional 29,794 shares in the last quarter. AQR Capital Management LLC increased its holdings in nVent Electric by 101.2% in the 2nd quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock valued at $27,484,000 after purchasing an additional 180,488 shares in the last quarter. MQS Management LLC purchased a new position in nVent Electric in the second quarter valued at about $606,000. Finally, Seven Eight Capital LP acquired a new position in shares of nVent Electric during the second quarter worth about $1,119,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

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.