nVent Electric (NYSE:NVT – Free Report) had its target price cut by Citigroup from $228.00 to $200.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.
NVT has been the topic of a number of other research reports. Zacks Research downgraded shares of nVent Electric from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Roth Capital restated a “buy” rating and issued a $200.00 price objective on shares of nVent Electric in a research note on Wednesday, October 28th. Seaport Research Partners restated a “neutral” rating and issued a $225.00 price objective on shares of nVent Electric in a research note on Monday, October 12th. JPMorgan Chase & Co. initiated coverage on shares of nVent Electric in a report on Tuesday, October 20th. They set an “overweight” rating and a $167.00 price objective for the company. Finally, KeyCorp reiterated an “overweight” rating on shares of nVent Electric in a research report on Monday. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $197.82.
Check Out Our Latest Research Report on NVT
nVent Electric Trading Down 13.2%
nVent Electric stock opened at $112.18 on Monday. The business has a 50 day moving average price of $151.04 and a two-hundred day moving average price of $144.58. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53. nVent Electric has a 12 month low of $93.22 and a 12 month high of $184.64. The stock has a market cap of $18.13 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 0.65 and a beta of 1.39.
nVent Electric (NYSE:NVT – Get Free Report) last announced its quarterly earnings data on Friday, October 30th. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.12. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.43 billion. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. nVent Electric’s revenue for the quarter was up 43.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 EPS. As a group, equities analysts forecast that nVent Electric will post 5.36 EPS for the current year.
nVent Electric Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Investors of record on Friday, October 23rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $0.84 annualized dividend and a yield of 0.7%. nVent Electric’s payout ratio is currently 20.24%.
Insiders Place Their Bets
In other nVent Electric news, insider Robert van der Kolk sold 5,858 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $164.32, for a total transaction of $962,586.56. Following the completion of the transaction, the insider directly owned 27,387 shares in the company, valued at $4,500,231.84. This represents a 17.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi boosted its position in nVent Electric by 146.8% in the 1st quarter. Amundi now owns 1,092,802 shares of the company’s stock valued at $129,257,000 after buying an additional 649,992 shares during the last quarter. First Trust Advisors LP increased its stake in shares of nVent Electric by 32.8% in the 1st quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock valued at $200,647,000 after buying an additional 419,239 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of nVent Electric by 961.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 335,231 shares of the company’s stock valued at $53,761,000 after buying an additional 303,656 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of nVent Electric by 130.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 501,362 shares of the company’s stock worth $59,301,000 after acquiring an additional 283,671 shares during the last quarter. Finally, Swedbank AB raised its position in shares of nVent Electric by 46.8% during the first quarter. Swedbank AB now owns 854,040 shares of the company’s stock worth $101,016,000 after acquiring an additional 272,379 shares during the last quarter. 90.05% of the stock is owned by institutional investors.
About nVent Electric
nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.
Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.
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