Analysts Set nVent Electric plc (NYSE:NVT) Price Target at $89.00

Shares of nVent Electric plc (NYSE:NVT) have earned a consensus rating of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $89.00.

A number of brokerages have recently commented on NVT. Barclays lifted their price target on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of nVent Electric in a research note on Monday, March 11th. They set a “buy” rating and a $83.00 price target for the company. Royal Bank of Canada cut their price target on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Citigroup raised their target price on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, The Goldman Sachs Group upped their price target on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, May 6th.

Institutional Investors Weigh In On nVent Electric

A number of hedge funds have recently added to or reduced their stakes in NVT. Quent Capital LLC boosted its position in shares of nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock worth $25,000 after purchasing an additional 234 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in nVent Electric in the first quarter valued at approximately $26,000. Livelsberger Financial Advisory bought a new stake in shares of nVent Electric during the fourth quarter valued at approximately $28,000. Pacific Center for Financial Services acquired a new position in shares of nVent Electric during the third quarter worth approximately $32,000. Finally, Rise Advisors LLC bought a new position in shares of nVent Electric in the 1st quarter worth $32,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Performance

Shares of nVent Electric stock opened at $75.09 on Thursday. nVent Electric has a fifty-two week low of $45.60 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. The firm has a market capitalization of $12.47 billion, a P/E ratio of 21.89, a P/E/G ratio of 1.68 and a beta of 1.31. The company’s 50 day moving average price is $78.70 and its two-hundred day moving average price is $69.95.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, May 3rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $874.60 million during the quarter, compared to analysts’ expectations of $864.14 million. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. nVent Electric’s revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. On average, equities analysts forecast that nVent Electric will post 3.27 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a yield of 1.01%. nVent Electric’s dividend payout ratio (DPR) is currently 22.16%.

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.