nVent Electric (NYSE:NVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The brokerage currently has a $41.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 10.39% from the stock’s previous close.
According to Zacks, “nVent Electric plc provider of electrical connection and protection solutions which design, manufacture, market, install and service that connect and protect equipment, buildings and critical processes. The company’s operating segments consists of Enclosures, Thermal Management and Electrical & Fastening Solutions. nVent Electric plc is based in London, the United Kingdom. “
A number of other brokerages have also weighed in on NVT. KeyCorp lifted their price objective on nVent Electric from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, October 29th. Barclays lifted their target price on nVent Electric from $44.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, August 4th. They noted that the move was a valuation call. TheStreet raised nVent Electric from a “c+” rating to a “b” rating in a report on Monday, October 18th. Finally, Rosenblatt Securities boosted their price target on nVent Electric from $38.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, August 4th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric presently has an average rating of “Buy” and an average target price of $38.83.
NYSE:NVT opened at $37.14 on Friday. The stock’s 50-day moving average is $34.31 and its 200-day moving average is $32.78. The company has a current ratio of 1.56, a quick ratio of 1.03 and a debt-to-equity ratio of 0.38. The stock has a market cap of $6.25 billion, a P/E ratio of 24.76 and a beta of 1.55. nVent Electric has a 1-year low of $21.81 and a 1-year high of $38.37.
nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, October 28th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.05. The company had revenue of $601.00 million for the quarter, compared to analyst estimates of $599.16 million. nVent Electric had a return on equity of 12.99% and a net margin of 10.93%. nVent Electric’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts forecast that nVent Electric will post 1.95 EPS for the current year.
In related news, Director Randall J. Hogan sold 58,286 shares of the business’s stock in a transaction on Monday, November 22nd. The shares were sold at an average price of $37.59, for a total transaction of $2,190,970.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Randall J. Hogan sold 132,416 shares of the business’s stock in a transaction on Thursday, November 18th. The shares were sold at an average price of $37.76, for a total transaction of $5,000,028.16. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eagle Bay Advisors LLC acquired a new position in nVent Electric during the second quarter worth about $28,000. First Horizon Advisors Inc. raised its stake in nVent Electric by 249.2% during the third quarter. First Horizon Advisors Inc. now owns 1,243 shares of the company’s stock worth $67,000 after purchasing an additional 887 shares during the period. NEXT Financial Group Inc raised its stake in nVent Electric by 298.7% during the third quarter. NEXT Financial Group Inc now owns 1,260 shares of the company’s stock worth $41,000 after purchasing an additional 944 shares during the period. Bbva USA purchased a new position in shares of nVent Electric in the 2nd quarter valued at $41,000. Finally, JJJ Advisors Inc. raised its stake in shares of nVent Electric by 583.0% in the 3rd quarter. JJJ Advisors Inc. now owns 1,933 shares of the company’s stock valued at $122,000 after acquiring an additional 1,650 shares during the period. 85.21% of the stock is owned by hedge funds and other institutional investors.
About nVent Electric
nVent Electric Plc engages in the provision of electrical connection and protection solutions. It operates through the following segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. The Enclosures segment offers solutions that protect, connect, and manage heat in critical electronics, communication, control, and power equipment.