nVent Electric (NYSE:NVT) Stock Price Target Lowered at JPMorgan Chase & Co.

nVent Electric (NYSE:NVT) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $167.00 to $155.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 37.88% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of nVent Electric from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. BMO Capital Markets initiated coverage on nVent Electric in a research report on Sunday, October 4th. They set an “outperform” rating and a $212.00 price target for the company. Wall Street Zen lowered nVent Electric from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 17th. Sanford C. Bernstein restated an “outperform” rating and issued a $233.00 price objective on shares of nVent Electric in a research note on Monday, November 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of nVent Electric in a research report on Monday, November 2nd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, nVent Electric currently has an average rating of “Buy” and an average target price of $197.12.

nVent Electric Price Performance

NVT opened at $112.41 on Wednesday. nVent Electric has a 1 year low of $93.22 and a 1 year high of $184.64. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.40 and a quick ratio of 1.93. The company has a market capitalization of $18.17 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 0.58 and a beta of 1.39. The firm’s fifty day moving average price is $147.43 and its two-hundred day moving average price is $144.51.

nVent Electric (NYSE:NVT) last announced its earnings results on Friday, October 30th. The company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.40 by $0.12. nVent Electric had a net margin of 12.84% and a return on equity of 20.82%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The firm’s revenue for the quarter was up 43.7% on a year-over-year basis. As a group, analysts anticipate that nVent Electric will post 5.36 earnings per share for the current fiscal year.

Insider Transactions at nVent Electric

In other news, Director Herbert Parker bought 3,000 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was acquired at an average cost of $113.14 per share, with a total value of $339,420.00. Following the completion of the transaction, the director directly owned 19,853 shares of the company’s stock, valued at $2,246,168.42. This represents a 17.80% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC raised its position in shares of nVent Electric by 16.8% in the second quarter. Sequoia Financial Advisors LLC now owns 76,540 shares of the company’s stock valued at $12,982,000 after purchasing an additional 11,033 shares during the period. State Street Corp lifted its stake in shares of nVent Electric by 4.9% during the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after buying an additional 250,248 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in nVent Electric by 170.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 85,096 shares of the company’s stock worth $13,647,000 after buying an additional 53,582 shares during the period. Engineers Gate Manager LP grew its stake in nVent Electric by 327.1% in the 2nd quarter. Engineers Gate Manager LP now owns 33,538 shares of the company’s stock valued at $5,688,000 after buying an additional 25,686 shares in the last quarter. Finally, Alua Capital Management LP purchased a new position in nVent Electric in the 1st quarter valued at approximately $27,394,000. Institutional investors own 90.05% of the company’s stock.

About nVent Electric

nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications. The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world. nVent became an independent, publicly traded company in 2018 after its separation from Pentair.