The Goldman Sachs Group Increases nVent Electric (NYSE:NVT) Price Target to $87.00

nVent Electric (NYSE:NVT) had its target price hoisted by analysts at The Goldman Sachs Group from $77.00 to $87.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 12.13% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada boosted their target price on shares of nVent Electric from $65.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of nVent Electric in a report on Monday, March 11th. They set a “buy” rating and a $83.00 price objective on the stock. Citigroup upped their target price on shares of nVent Electric from $71.00 to $91.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, Barclays lifted their price target on shares of nVent Electric from $74.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.00.

nVent Electric Stock Up 1.6 %

nVent Electric stock opened at $77.59 on Monday. The firm has a market capitalization of $12.88 billion, a P/E ratio of 22.62, a P/E/G ratio of 1.63 and a beta of 1.35. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 0.54. nVent Electric has a twelve month low of $40.22 and a twelve month high of $78.98. The stock’s fifty day simple moving average is $72.84 and its 200-day simple moving average is $62.39.

nVent Electric (NYSE:NVT) last released its 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. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The firm had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. During the same period in the prior year, the firm earned $0.67 earnings per share. The business’s quarterly revenue was up 18.0% compared to the same quarter last year. As a group, equities analysts expect that nVent Electric will post 3.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the transaction, the insider now directly owns 33,109 shares in the company, valued at approximately $2,229,228.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other nVent Electric news, Director Randall J. Hogan sold 184,572 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $64.03, for a total value of $11,818,145.16. Following the completion of the transaction, the director now directly owns 8,277 shares of the company’s stock, valued at $529,976.31. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $67.33, for a total value of $738,004.13. Following the transaction, the insider now directly owns 33,109 shares of the company’s stock, valued at $2,229,228.97. The disclosure for this sale can be found here. Insiders have sold a total of 397,752 shares of company stock valued at $25,553,202 over the last quarter. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On nVent Electric

Several hedge funds have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new stake in shares of nVent Electric during the 1st quarter worth about $26,000. Quent Capital LLC lifted its position in nVent Electric by 123.2% during the fourth quarter. Quent Capital LLC now owns 424 shares of the company’s stock worth $25,000 after buying an additional 234 shares during the period. Rise Advisors LLC acquired a new stake in nVent Electric in the 1st quarter worth about $32,000. Livelsberger Financial Advisory purchased a new stake in nVent Electric in the 4th quarter valued at about $28,000. Finally, HM Payson & Co. purchased a new position in shares of nVent Electric during the 3rd quarter worth about $26,000. 90.05% of the stock is currently owned by hedge funds and other 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.