nVent Electric (NYSE:NVT) Upgraded to Overweight by KeyCorp

nVent Electric (NYSE:NVT) was upgraded by investment analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a report issued on Wednesday, Benzinga reports. The brokerage presently has a $80.00 price target on the stock. KeyCorp’s price objective suggests a potential upside of 26.20% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Barclays upped their price objective on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric currently has a consensus rating of “Buy” and a consensus target price of $86.50.

nVent Electric Stock Down 6.7 %

Shares of NVT opened at $63.39 on Wednesday. The company has a market capitalization of $10.54 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.30 and a beta of 1.31. 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 has a 12-month low of $45.60 and a 12-month high of $86.57. The business’s 50 day moving average is $70.46 and its 200 day moving average is $73.51.

nVent Electric (NYSE:NVT) last issued its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $880.30 million during the quarter, compared to the consensus estimate of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $0.77 earnings per share. Research analysts expect that nVent Electric will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of nVent Electric 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 completion of the sale, the insider now directly owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On nVent Electric

Several institutional investors have recently bought and sold shares of NVT. Dana Investment Advisors Inc. lifted its holdings in shares of nVent Electric by 1.8% during the 2nd quarter. Dana Investment Advisors Inc. now owns 127,307 shares of the company’s stock valued at $9,753,000 after purchasing an additional 2,250 shares during the last quarter. Cetera Investment Advisers boosted its holdings in nVent Electric by 15.0% in the second quarter. Cetera Investment Advisers now owns 53,004 shares of the company’s stock worth $4,061,000 after acquiring an additional 6,901 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in nVent Electric by 4.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 12,415 shares of the company’s stock worth $951,000 after acquiring an additional 519 shares in the last quarter. Quarry LP grew its stake in shares of nVent Electric by 341.1% during the second quarter. Quarry LP now owns 644 shares of the company’s stock worth $49,000 after acquiring an additional 498 shares during the last quarter. Finally, Wallace Advisory Group LLC acquired a new position in shares of nVent Electric during the second quarter valued at about $249,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

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.