nVent Electric (NYSE:NVT) Given New $85.00 Price Target at Royal Bank of Canada

nVent Electric (NYSE:NVT - Free Report) had its price target hoisted by Royal Bank of Canada from $80.00 to $85.00 in a research report released on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research firms have also recently weighed in on NVT. KeyCorp increased their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an "overweight" rating in a report on Monday, October 14th. Citigroup increased their target price on nVent Electric from $78.00 to $91.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Finally, Barclays boosted their price target on nVent Electric from $76.00 to $88.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric presently has a consensus rating of "Buy" and a consensus price target of $86.33.

nVent Electric Stock Up 3.2 %

NYSE NVT traded up $2.19 during trading hours on Friday, hitting $70.65. 1,046,689 shares of the company traded hands, compared to its average volume of 959,794. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 3.86 and a beta of 1.25. nVent Electric has a twelve month low of $55.19 and a twelve month high of $86.57. The business's 50-day moving average is $73.88 and its 200-day moving average is $71.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm had revenue of $782.00 million during the quarter, compared to analyst estimates of $937.37 million. During the same quarter in the prior year, the business earned $0.84 EPS. The business's revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that nVent Electric will post 2.5 earnings per share for the current year.

nVent Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be paid a $0.20 dividend. 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 1.13%. The ex-dividend date is Friday, January 17th. nVent Electric's payout ratio is 23.46%.

Insider Activity

In other nVent Electric news, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction dated 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 owns 58,121 shares in the company, valued at $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jerry W. Burris sold 6,558 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.00, for a total transaction of $524,640.00. Following the completion of the transaction, the director now directly owns 45,040 shares of the company's stock, valued at $3,603,200. This trade represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 96,382 shares of company stock worth $7,365,956. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On nVent Electric

Several hedge funds and other institutional investors have recently made changes to their positions in NVT. Larson Financial Group LLC raised its position in nVent Electric by 91.9% in the third quarter. Larson Financial Group LLC now owns 378 shares of the company's stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. ORG Wealth Partners LLC bought a new position in nVent Electric in the 3rd quarter valued at approximately $29,000. UMB Bank n.a. boosted its position in nVent Electric by 280.0% during the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company's stock worth $29,000 after buying an additional 308 shares during the period. First Foundation Advisors acquired a new stake in nVent Electric during the 2nd quarter worth approximately $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in nVent Electric during the 2nd quarter worth approximately $34,000. 90.05% of the stock is owned by institutional investors.

nVent Electric Company Profile

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.