nVent Electric (NYSE:NVT) Price Target Cut to $60.00 by Analysts at KeyCorp

nVent Electric (NYSE:NVT) had its price target decreased by KeyCorp from $75.00 to $60.00 in a research note released on Tuesday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on the company. CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Monday, March 17th. Citigroup decreased their price target on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Barclays dropped their price objective on shares of nVent Electric from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, April 4th. Royal Bank of Canada raised their target price on shares of nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, The Goldman Sachs Group dropped their price target on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.17.

nVent Electric Stock Down 4.9 %

NVT opened at $49.31 on Tuesday. The firm has a market cap of $8.14 billion, a P/E ratio of 25.16, a PEG ratio of 1.48 and a beta of 1.21. The business’s fifty day simple moving average is $57.90 and its 200 day simple moving average is $67.41. nVent Electric has a 52 week low of $41.71 and a 52 week high of $86.57. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. As a group, equities research analysts anticipate that nVent Electric will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s dividend payout ratio is presently 40.82%.

Institutional Trading of nVent Electric

A number of institutional investors have recently added to or reduced their stakes in NVT. Capital Research Global Investors acquired a new stake in shares of nVent Electric in the fourth quarter valued at about $384,749,000. Norges Bank acquired a new stake in nVent Electric in the fourth quarter valued at approximately $197,434,000. Millennium Management LLC raised its stake in shares of nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock valued at $151,017,000 after purchasing an additional 1,953,026 shares during the period. Champlain Investment Partners LLC acquired a new position in shares of nVent Electric during the fourth quarter worth $86,738,000. Finally, Franklin Resources Inc. grew its holdings in nVent Electric by 22.1% during the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after purchasing an additional 1,269,335 shares in the last quarter. 90.05% of the stock is 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.