Citigroup Issues Pessimistic Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its target price dropped by research analysts at Citigroup from $228.00 to $200.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup‘s price objective points to a potential upside of 61.18% from the company’s previous close.

Other analysts have also issued reports about the stock. Seaport Research Partners restated a “neutral” rating and issued a $225.00 price objective on shares of nVent Electric in a report on Monday, October 12th. Sanford C. Bernstein reiterated an “outperform” rating and set a $233.00 target price on shares of nVent Electric in a report on Monday. Wells Fargo & Company increased their target price on nVent Electric from $182.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Monday. Weiss Ratings cut nVent Electric from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Finally, BMO Capital Markets started coverage on nVent Electric in a research note on Sunday, October 4th. They issued an “outperform” rating and a $212.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $197.82.

nVent Electric Trading Down 1.5%

nVent Electric stock traded down $1.89 during mid-day trading on Monday, reaching $124.09. 1,319,496 shares of the company traded hands, compared to its average volume of 2,277,863. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.40 and a quick ratio of 1.93. nVent Electric has a 52-week low of $93.22 and a 52-week high of $184.64. The firm has a market capitalization of $20.08 billion, a price-to-earnings ratio of 29.88, a P/E/G ratio of 0.65 and a beta of 1.35. The firm’s 50 day moving average price is $152.88 and its 200 day moving average price is $144.35.

nVent Electric (NYSE:NVT) last posted its earnings results on Friday, October 30th. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.40 by $0.12. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.43 billion. nVent Electric had a net margin of 12.84% and a return on equity of 20.82%. The company’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same period last year, the company posted $0.91 EPS. On average, analysts anticipate that nVent Electric will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other nVent Electric news, insider Robert van der Kolk sold 5,858 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $164.32, for a total value of $962,586.56. Following the sale, the insider owned 27,387 shares in the company, valued at approximately $4,500,231.84. This represents a 17.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Randolph Wacker sold 22,525 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $164.62, for a total value of $3,708,065.50. Following the transaction, the chief accounting officer directly owned 27,441 shares of the company’s stock, valued at approximately $4,517,337.42. This trade represents a 45.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 74,644 shares of company stock valued at $12,276,886 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of nVent Electric

A number of institutional investors and hedge funds have recently bought and sold shares of NVT. Sequoia Financial Advisors LLC increased its position in nVent Electric by 16.8% during the second quarter. Sequoia Financial Advisors LLC now owns 76,540 shares of the company’s stock worth $12,982,000 after buying an additional 11,033 shares during the period. State Street Corp boosted its holdings in shares of nVent Electric by 4.9% in the second quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after acquiring an additional 250,248 shares during the period. Alua Capital Management LP purchased a new position in shares of nVent Electric during the first quarter worth approximately $27,394,000. Engineers Gate Manager LP grew its position in shares of nVent Electric by 327.1% during the second quarter. Engineers Gate Manager LP now owns 33,538 shares of the company’s stock worth $5,688,000 after acquiring an additional 25,686 shares during the last quarter. Finally, Moore Capital Management LP acquired a new stake in nVent Electric during the 2nd quarter worth $4,099,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Company Profile

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.