Wells Fargo & Company Issues Positive Forecast for nVent Electric (NYSE:NVT) Stock Price

nVent Electric (NYSE:NVT) had its price objective boosted by equities researchers at Wells Fargo & Company from $182.00 to $190.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 50.21% from the stock’s current price.

A number of other analysts have also recently weighed in on NVT. Citigroup increased their target price on shares of nVent Electric from $215.00 to $228.00 and gave the stock a “buy” rating in a report on Monday, October 12th. UBS Group reaffirmed a “buy” rating on shares of nVent Electric in a research note on Tuesday, August 25th. Clear Str raised nVent Electric to a “strong-buy” rating in a research note on Monday, July 13th. Wolfe Research restated an “outperform” rating and issued a $191.00 target price on shares of nVent Electric in a research note on Thursday, July 9th. Finally, Seaport Research Partners restated a “neutral” rating and set a $225.00 price target on shares of nVent Electric in a report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, nVent Electric has a consensus rating of “Buy” and a consensus price target of $198.71.

nVent Electric Trading Up 0.4%

nVent Electric stock opened at $126.49 on Monday. The stock has a 50-day moving average price of $152.88 and a 200 day moving average price of $144.35. nVent Electric has a 52 week low of $93.22 and a 52 week high of $184.64. The stock has a market cap of $20.47 billion, a PE ratio of 30.74, a P/E/G ratio of 0.65 and a beta of 1.35. The company has a current ratio of 2.40, a quick ratio of 1.93 and a debt-to-equity ratio of 0.53.

nVent Electric (NYSE:NVT) last posted its quarterly 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 return on equity of 20.82% and a net margin of 12.84%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The firm’s revenue was up 43.7% on a year-over-year basis. Equities research analysts predict that nVent Electric will post 5.38 earnings per share for the current fiscal year.

Insider Transactions at nVent Electric

In related news, CAO Randolph A. Wacker sold 22,525 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $164.62, for a total value of $3,708,065.50. Following the completion of the sale, the chief accounting officer owned 27,441 shares in the company, valued at $4,517,337.42. This represents a 45.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Beth Wozniak sold 46,261 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $164.42, for a total value of $7,606,233.62. Following the completion of the transaction, the chief executive officer directly owned 55,612 shares of the company’s stock, valued at approximately $9,143,725.04. The trade was a 45.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 74,644 shares of company stock worth $12,276,886. Insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in nVent Electric by 4.9% in the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after purchasing an additional 250,248 shares during the last quarter. Bank of New York Mellon Corp lifted its position in nVent Electric by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company’s stock worth $238,758,000 after purchasing an additional 68,818 shares during the period. First Trust Advisors LP raised its position in nVent Electric by 32.8% during the first quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock valued at $200,647,000 after purchasing an additional 419,239 shares in the last quarter. Amundi boosted its stake in nVent Electric by 146.8% in the first quarter. Amundi now owns 1,092,802 shares of the company’s stock valued at $129,257,000 after buying an additional 649,992 shares in the last quarter. Finally, Swedbank AB lifted its stake in nVent Electric by 46.8% in the 1st quarter. Swedbank AB now owns 854,040 shares of the company’s stock valued at $101,016,000 after purchasing an additional 272,379 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Company Profile

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.