nVent Electric (NYSE:NVT) Sets New 1-Year High – Still a Buy?

Shares of nVent Electric PLC (NYSE:NVT) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $117.82 and last traded at $115.3250, with a volume of 86619 shares traded. The stock had previously closed at $115.79.

Analysts Set New Price Targets

NVT has been the topic of several recent analyst reports. The Goldman Sachs Group upped their price target on nVent Electric from $111.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Wall Street Zen raised shares of nVent Electric from a “buy” rating to a “strong-buy” rating in a research report on Sunday, January 18th. UBS Group started coverage on shares of nVent Electric in a research report on Thursday, November 20th. They set a “buy” rating and a $128.00 price target for the company. Citigroup upped their price objective on shares of nVent Electric from $114.00 to $131.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Roth Mkm reiterated a “buy” rating and issued a $130.00 price objective (up previously from $115.00) on shares of nVent Electric in a report on Monday, November 3rd. Nine investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $123.63.

nVent Electric Stock Up 3.5%

The firm has a market cap of $19.33 billion, a PE ratio of 33.15, a price-to-earnings-growth ratio of 1.20 and a beta of 1.33. The company has a quick ratio of 1.11, a current ratio of 1.57 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $106.69 and a two-hundred day moving average price of $99.47.

nVent Electric (NYSE:NVT) last released its earnings results on Friday, October 31st. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.01 billion. nVent Electric had a return on equity of 14.29% and a net margin of 16.83%.nVent Electric’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. On average, equities research analysts expect that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 6th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.21 per share. This is a boost from nVent Electric’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, January 23rd. nVent Electric’s dividend payout ratio is presently 23.14%.

Insider Activity

In other nVent Electric news, insider Sara E. Zawoyski sold 115,557 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $112.78, for a total value of $13,032,518.46. Following the sale, the insider directly owned 66,680 shares of the company’s stock, valued at approximately $7,520,170.40. This represents a 63.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Randolph A. Wacker sold 5,000 shares of the firm’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $110.08, for a total transaction of $550,400.00. Following the completion of the sale, the chief accounting officer owned 26,400 shares in the company, valued at $2,906,112. The trade was a 15.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 130,285 shares of company stock worth $14,621,124 in the last ninety days. 2.50% of the stock is owned by insiders.

Institutional Trading of nVent Electric

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of nVent Electric by 33.1% in the 1st quarter. AQR Capital Management LLC now owns 94,968 shares of the company’s stock valued at $4,841,000 after acquiring an additional 23,606 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in 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 purchasing an additional 7,500 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in 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 purchasing an additional 872 shares during the last quarter. QRG Capital Management Inc. raised its holdings in nVent Electric by 6.2% during the second quarter. QRG Capital Management Inc. now owns 4,637 shares of the company’s stock worth $340,000 after purchasing an additional 269 shares in the last quarter. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of nVent Electric during the 2nd quarter worth approximately $48,443,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

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.