nVent Electric (NYSE:NVT) Stock Lifted to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of nVent Electric (NYSE:NVT) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks reports.

Several other equities analysts have also weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of nVent Electric from $200.00 to $208.00 and gave the company an “outperform” rating in a report on Wednesday, October 14th. Wolfe Research reiterated an “outperform” rating and issued a $191.00 price target on shares of nVent Electric in a report on Thursday, July 9th. Citigroup cut their price objective on nVent Electric from $228.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday. KeyCorp restated an “overweight” rating on shares of nVent Electric in a research note on Monday. Finally, BMO Capital Markets started coverage on nVent Electric in a research report on Sunday, October 4th. They issued an “outperform” rating and a $212.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $197.82.

nVent Electric Trading Up 4.5%

NYSE NVT opened at $129.28 on Monday. nVent Electric has a one year low of $93.22 and a one year high of $184.64. The company’s 50 day moving average price is $151.83 and its 200 day moving average price is $144.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.93 and a current ratio of 2.40. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 31.15, a PEG ratio of 0.64 and a beta of 1.39.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, October 30th. The company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.12. nVent Electric had a net margin of 12.84% and a return on equity of 20.82%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the company posted $0.91 earnings per share. nVent Electric’s revenue was up 43.7% compared to the same quarter last year. On average, sell-side analysts predict that nVent Electric will post 5.39 EPS for the current year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Friday, October 23rd will be paid a $0.21 dividend. The ex-dividend date is Friday, October 23rd. This represents a $0.84 annualized dividend and a dividend yield of 0.6%. nVent Electric’s dividend payout ratio is 20.24%.

Insiders Place Their Bets

In related news, insider Robert van der Kolk sold 5,858 shares of nVent Electric stock in a transaction on Monday, August 10th. The shares were sold at an average price of $164.32, for a total transaction of $962,586.56. Following the sale, the insider owned 27,387 shares of the company’s stock, valued at $4,500,231.84. The trade was a 17.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of nVent Electric by 4.9% in the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock worth $901,159,000 after purchasing an additional 250,248 shares during the last quarter. Bank of New York Mellon Corp grew its stake in nVent Electric by 3.5% during the 1st quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company’s stock worth $238,758,000 after buying an additional 68,818 shares during the last quarter. First Trust Advisors LP increased its position in nVent Electric by 32.8% in the first quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock worth $200,647,000 after buying an additional 419,239 shares during the period. Amundi increased its position in nVent Electric by 146.8% in the first quarter. Amundi now owns 1,092,802 shares of the company’s stock worth $129,257,000 after buying an additional 649,992 shares during the period. Finally, Swedbank AB increased its position in nVent Electric by 46.8% in the first quarter. Swedbank AB now owns 854,040 shares of the company’s stock worth $101,016,000 after buying an additional 272,379 shares during the period. 90.05% of the stock is owned by hedge funds and other 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.