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

nVent Electric (NYSE:NVT) had its target price upped by Royal Bank of Canada from $80.00 to $85.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently issued reports on NVT. Barclays increased their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Citigroup lifted their price target on nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, KeyCorp raised their target price 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $86.33.

nVent Electric Stock Up 3.2 %

nVent Electric stock opened at $70.65 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 3.86 and a beta of 1.25. The stock has a fifty day simple moving average of $73.88 and a two-hundred day simple moving average of $71.75. nVent Electric has a 12 month low of $55.19 and a 12 month high of $86.57.

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

nVent Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be given a dividend of $0.20 per share. This is an increase from nVent Electric’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 17th. This represents a $0.80 dividend on an annualized basis and a yield of 1.13%. nVent Electric’s dividend payout ratio (DPR) is 23.46%.

Insiders Place Their Bets

In other news, EVP Jon D. Lammers sold 67,297 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total value of $5,119,282.79. Following the completion of the transaction, the executive vice president now directly owns 58,121 shares in the company, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total transaction of $524,640.00. Following the completion of the sale, the director now directly owns 45,040 shares in the company, valued at $3,603,200. This trade represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,382 shares of company stock worth $7,365,956 over the last 90 days. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

Several institutional investors and hedge funds have recently modified their holdings of NVT. CIBC Asset Management Inc raised its position in nVent Electric by 3.6% during the third quarter. CIBC Asset Management Inc now owns 4,823 shares of the company’s stock valued at $339,000 after acquiring an additional 166 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the period. Huntington National Bank increased its holdings in shares of nVent Electric by 57.3% during the 3rd quarter. Huntington National Bank now owns 612 shares of the company’s stock valued at $43,000 after purchasing an additional 223 shares in the last quarter. Anchor Investment Management LLC lifted its stake in shares of nVent Electric by 94.0% in the 2nd quarter. Anchor Investment Management LLC now owns 578 shares of the company’s stock valued at $44,000 after purchasing an additional 280 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in nVent Electric by 5.1% during the third quarter. Advisors Asset Management Inc. now owns 6,153 shares of the company’s stock worth $432,000 after buying an additional 301 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

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.