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

nVent Electric plc (NYSE:NVT) has earned an average recommendation of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $89.00.

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Citigroup boosted their price objective on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Barclays boosted their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Finally, The Goldman Sachs Group boosted their price objective on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Monday, May 6th.

Institutional Investors Weigh In On nVent Electric

Several institutional investors have recently made changes to their positions in the stock. FinTrust Capital Advisors LLC boosted its stake in shares of nVent Electric by 17.5% in the fourth quarter. FinTrust Capital Advisors LLC now owns 1,056 shares of the company’s stock valued at $62,000 after buying an additional 157 shares during the period. HMS Capital Management LLC boosted its stake in shares of nVent Electric by 3.2% in the first quarter. HMS Capital Management LLC now owns 5,837 shares of the company’s stock valued at $440,000 after buying an additional 183 shares during the period. Private Advisor Group LLC boosted its stake in shares of nVent Electric by 3.2% in the fourth quarter. Private Advisor Group LLC now owns 6,216 shares of the company’s stock valued at $367,000 after buying an additional 191 shares during the period. State of Michigan Retirement System boosted its stake in shares of nVent Electric by 0.5% in the fourth quarter. State of Michigan Retirement System now owns 39,806 shares of the company’s stock valued at $2,352,000 after buying an additional 200 shares during the period. Finally, Quent Capital LLC boosted its stake in shares of nVent Electric by 123.2% in the fourth quarter. Quent Capital LLC now owns 424 shares of the company’s stock valued at $25,000 after buying an additional 234 shares during the period. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Price Performance

NYSE:NVT opened at $70.54 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.35 and a current ratio of 1.99. The stock’s 50-day simple moving average is $78.34 and its 200 day simple moving average is $72.47. The company has a market cap of $11.71 billion, a P/E ratio of 20.57, a P/E/G ratio of 1.54 and a beta of 1.31. nVent Electric has a 52-week low of $45.60 and a 52-week high of $86.57.

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

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, July 19th. 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.