KeyCorp Cuts nVent Electric (NYSE:NVT) Price Target to $75.00

nVent Electric (NYSE:NVT) had its price objective lowered by KeyCorp from $84.00 to $75.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

NVT has been the topic of several other reports. CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, March 17th. Barclays reduced their price objective on nVent Electric from $83.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Royal Bank of Canada raised their target price on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup reduced their price target on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $80.50.

nVent Electric Stock Performance

Shares of NYSE:NVT opened at $52.89 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The business’s fifty day moving average price is $62.19 and its two-hundred day moving average price is $68.84. nVent Electric has a fifty-two week low of $51.99 and a fifty-two week high of $86.57. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31.

nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, meeting 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, analysts predict that nVent Electric will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 25th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.51%. nVent Electric’s payout ratio is 40.82%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NVT. Capital Research Global Investors bought a new stake in shares of nVent Electric during the fourth quarter worth approximately $384,749,000. Norges Bank bought a new stake in shares of nVent Electric during the 4th quarter valued at $197,434,000. Millennium Management LLC lifted its stake in shares of nVent Electric by 743.7% in the 4th 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 in the 4th quarter valued at $86,738,000. Finally, Franklin Resources Inc. grew its stake in shares of nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after purchasing an additional 1,269,335 shares during the period. 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.