Royal Bank of Canada Issues Pessimistic Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its target price reduced by research analysts at Royal Bank of Canada from $82.00 to $80.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 15.19% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. KeyCorp raised their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Barclays reduced their price target on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric has an average rating of “Buy” and a consensus price target of $85.33.

nVent Electric Price Performance

NVT traded up $1.17 during trading on Monday, hitting $69.45. 1,825,974 shares of the company traded hands, compared to its average volume of 1,558,483. The company has a market cap of $11.54 billion, a PE ratio of 20.18, a P/E/G ratio of 1.52 and a beta of 1.26. The stock’s 50-day simple moving average is $69.47 and its two-hundred day simple moving average is $73.12. nVent Electric has a 1 year low of $49.08 and a 1 year high of $86.57. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53.

nVent Electric (NYSE:NVT) last posted its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million for the quarter, compared to analysts’ expectations of $892.89 million. During the same period in the previous year, the business posted $0.77 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that nVent Electric will post 3.26 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total value of $1,267,053.36. Following the completion of the transaction, the insider now directly owns 19,766 shares in the company, valued at $1,251,978.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now directly owns 19,766 shares of the company’s stock, valued at $1,251,978.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On nVent Electric

A number of large investors have recently modified their holdings of NVT. UMB Bank n.a. grew its holdings in shares of nVent Electric by 280.0% during the third quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after buying an additional 308 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of nVent Electric in the third quarter valued at about $29,000. ORG Partners LLC purchased a new stake in shares of nVent Electric in the second quarter valued at about $31,000. First Foundation Advisors purchased a new stake in shares of nVent Electric in the second quarter valued at about $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of nVent Electric in the second quarter valued at about $34,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.