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

nVent Electric (NYSE:NVT) had its price objective cut by equities research analysts at KeyCorp from $75.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 15.47% from the stock’s previous close.

NVT has been the topic of several other reports. Barclays cut their target price on shares of nVent Electric from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, April 4th. Citigroup cut their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada lifted their target price on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. The Goldman Sachs Group reduced their price target on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Finally, CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, nVent Electric presently has a consensus rating of “Buy” and a consensus target price of $75.00.

nVent Electric Stock Performance

NYSE:NVT opened at $51.96 on Tuesday. nVent Electric has a fifty-two week low of $41.71 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. The company has a 50 day moving average price of $58.18 and a 200 day moving average price of $67.55. The stock has a market capitalization of $8.57 billion, a P/E ratio of 26.51, a PEG ratio of 1.48 and a beta of 1.21.

nVent Electric (NYSE:NVT) last posted its 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 return on equity of 14.52% and a net margin of 10.09%. Equities research analysts forecast that nVent Electric will post 3.04 EPS for the current year.

Hedge Funds Weigh In On nVent Electric

Several hedge funds have recently added to or reduced their stakes in NVT. Franklin Resources Inc. grew its position in shares of nVent Electric by 22.1% in the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after buying an additional 1,269,335 shares during the last quarter. Capital Research Global Investors acquired a new position in nVent Electric in the fourth quarter valued at $384,749,000. State Street Corp grew its position in shares of nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after acquiring an additional 42,465 shares during the last quarter. Norges Bank purchased a new position in nVent Electric during the 4th quarter worth $197,434,000. Finally, Geode Capital Management LLC grew its holdings in shares of nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after buying an additional 29,794 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

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.