nVent Electric (NYSE:NVT) Sets New 1-Year Low on Analyst Downgrade

Shares of nVent Electric plc (NYSE:NVT) hit a new 52-week low during trading on Thursday after Barclays lowered their price target on the stock from $75.00 to $70.00. Barclays currently has an overweight rating on the stock. nVent Electric traded as low as $47.85 and last traded at $48.56, with a volume of 859831 shares traded. The stock had previously closed at $54.93.

Other equities research analysts also recently issued reports about the company. Citigroup lowered their price target on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada boosted their target price on shares of nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group reduced their price target on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday. KeyCorp lowered their price objective on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. 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 analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $77.50.

Hedge Funds Weigh In On nVent Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Edgestream Partners L.P. acquired a new position in nVent Electric during the 3rd quarter worth $447,000. Benjamin Edwards Inc. grew its position in nVent Electric by 24,375.0% in the 3rd quarter. Benjamin Edwards Inc. now owns 2,937 shares of the company’s stock valued at $206,000 after buying an additional 2,925 shares in the last quarter. Quantinno Capital Management LP increased its stake in nVent Electric by 14.6% during the 3rd quarter. Quantinno Capital Management LP now owns 72,486 shares of the company’s stock valued at $5,093,000 after buying an additional 9,218 shares during the period. State Street Corp raised its position in shares of nVent Electric by 0.9% during the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after buying an additional 42,465 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new stake in shares of nVent Electric in the 3rd quarter worth approximately $4,062,000. 90.05% of the stock is owned by institutional investors.

nVent Electric Stock Down 6.3 %

The firm has a market capitalization of $7.47 billion, a P/E ratio of 23.10, a PEG ratio of 1.48 and a beta of 1.21. The firm’s fifty day moving average price is $59.82 and its 200-day moving average price is $68.29. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28.

nVent Electric (NYSE:NVT) last released its earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, hitting analysts’ consensus estimates 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 forecast that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 annualized dividend and a yield of 1.77%. nVent Electric’s dividend payout ratio (DPR) is presently 40.82%.

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.