nVent Electric (NYSE:NVT) Hits New 52-Week High – Time to Buy?

Shares of nVent Electric PLC (NYSE:NVT) hit a new 52-week high during trading on Tuesday . The company traded as high as $136.29 and last traded at $135.7010, with a volume of 1264400 shares trading hands. The stock had previously closed at $134.69.

Analyst Ratings Changes

A number of brokerages have commented on NVT. Wolfe Research upgraded nVent Electric to an “outperform” rating in a research note on Monday, February 9th. UBS Group reiterated a “buy” rating and set a $135.00 price objective on shares of nVent Electric in a research report on Friday, March 13th. Royal Bank Of Canada boosted their price objective on nVent Electric from $138.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Evercore began coverage on nVent Electric in a research report on Monday, April 13th. They set an “outperform” rating and a $160.00 price objective for the company. Finally, Glj Research began coverage on nVent Electric in a research report on Thursday, March 5th. They set a “buy” rating and a $151.00 price objective for the company. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.00.

nVent Electric Stock Performance

The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average price of $119.81 and a 200-day moving average price of $110.96. The firm has a market capitalization of $22.65 billion, a price-to-earnings ratio of 32.58, a P/E/G ratio of 1.42 and a beta of 1.28.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.01. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.The business’s revenue was up 41.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, equities research analysts forecast that nVent Electric PLC will post 4.15 earnings per share for the current year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Friday, April 24th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, April 24th. This represents a $0.84 annualized dividend and a yield of 0.6%. nVent Electric’s payout ratio is presently 19.53%.

Insider Buying and Selling

In related news, CEO Beth Wozniak sold 7,597 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $116.47, for a total transaction of $884,822.59. Following the sale, the chief executive officer owned 52,990 shares of the company’s stock, valued at $6,171,745.30. The trade was a 12.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jerry W. Burris sold 5,244 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $112.27, for a total value of $588,743.88. Following the sale, the director directly owned 46,371 shares in the company, valued at approximately $5,206,072.17. The trade was a 10.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,841 shares of company stock valued at $2,046,166 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVT. AQR Capital Management LLC raised its holdings in nVent Electric by 33.1% during the first quarter. AQR Capital Management LLC now owns 94,968 shares of the company’s stock worth $4,841,000 after purchasing an additional 23,606 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of nVent Electric by 575.6% in the first quarter. Jones Financial Companies Lllp now owns 8,803 shares of the company’s stock valued at $461,000 after buying an additional 7,500 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of 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 buying an additional 872 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of nVent Electric by 31.8% in the second quarter. Marshall Wace LLP now owns 41,061 shares of the company’s stock valued at $3,008,000 after buying an additional 9,898 shares in the last quarter. Finally, Cresset Asset Management LLC increased its holdings in shares of nVent Electric by 57.7% in the second quarter. Cresset Asset Management LLC now owns 8,136 shares of the company’s stock valued at $596,000 after buying an additional 2,977 shares in the last quarter. Institutional investors own 90.05% of the company’s stock.

About nVent Electric

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.