nVent Electric (NYSE:NVT) Given New $90.00 Price Target at Citigroup

nVent Electric (NYSE:NVT) had its price objective lowered by Citigroup from $91.00 to $90.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

NVT has been the subject of a number of other research reports. Royal Bank of Canada boosted their target price on shares of nVent Electric from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. KeyCorp increased their target price on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Barclays lifted their price target on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $86.17.

nVent Electric Price Performance

Shares of nVent Electric stock opened at $68.80 on Monday. The firm has a market cap of $11.34 billion, a PE ratio of 20.18, a P/E/G ratio of 3.86 and a beta of 1.27. The business has a 50-day moving average price of $73.55 and a 200 day moving average price of $71.32. 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 has a twelve month low of $55.19 and a twelve month high of $86.57.

nVent Electric (NYSE:NVT) last announced its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share 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 business had revenue of $782.00 million for the quarter, compared to analyst estimates of $937.37 million. During the same period in the previous year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that nVent Electric will post 2.5 earnings per share for the current fiscal year.

nVent Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.20 per share. This is a boost from nVent Electric’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 1.16%. The ex-dividend date is Friday, January 17th. nVent Electric’s payout ratio is currently 23.46%.

Insider Activity at nVent Electric

In related news, EVP Jon D. Lammers sold 67,297 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. This represents a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sara E. Zawoyski sold 14,505 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total value of $1,113,403.80. Following the sale, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at approximately $4,775,623.40. This trade represents a 18.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,382 shares of company stock valued at $7,365,956. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds have recently modified their holdings of NVT. Private Advisor Group LLC lifted its position in nVent Electric by 23.4% in the second quarter. Private Advisor Group LLC now owns 8,140 shares of the company’s stock valued at $624,000 after buying an additional 1,542 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of nVent Electric in the 2nd quarter worth approximately $34,000. Choreo LLC purchased a new position in shares of nVent Electric during the 2nd quarter worth approximately $266,000. Daiwa Securities Group Inc. acquired a new stake in nVent Electric in the 2nd quarter valued at approximately $1,080,000. Finally, Oppenheimer & Co. Inc. raised its position in nVent Electric by 5.1% in the second quarter. Oppenheimer & Co. Inc. now owns 22,611 shares of the company’s stock valued at $1,732,000 after purchasing an additional 1,092 shares during the period. 90.05% of the stock is currently owned by hedge funds and other 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.