KeyCorp Cuts nVent Electric (NYSE:NVT) Price Target to $60.00

nVent Electric (NYSE:NVT) had its target price cut by KeyCorp from $75.00 to $60.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently weighed in on NVT. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Monday, March 17th. Royal Bank of Canada boosted their price target on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group decreased their price objective on nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Finally, Citigroup dropped their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $74.17.

nVent Electric Stock Performance

Shares of NVT stock opened at $49.31 on Tuesday. The stock’s 50-day moving average is $57.90 and its two-hundred day moving average is $67.41. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. nVent Electric has a 1 year low of $41.71 and a 1 year high of $86.57. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 25.16, a PEG ratio of 1.48 and a beta of 1.21.

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 analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. Analysts predict that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

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

Institutional Trading of nVent Electric

Several hedge funds and other institutional investors have recently made changes to their positions in NVT. Crews Bank & Trust acquired a new position in nVent Electric during the fourth quarter worth $26,000. Capital A Wealth Management LLC acquired a new position in shares of nVent Electric during the 4th quarter worth $27,000. Park Square Financial Group LLC purchased a new stake in shares of nVent Electric in the 4th quarter worth about $38,000. Whipplewood Advisors LLC grew its stake in nVent Electric by 467.3% in the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Finally, Tsfg LLC purchased a new position in nVent Electric during the 4th quarter valued at about $51,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

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.