The Goldman Sachs Group Cuts nVent Electric (NYSE:NVT) Price Target to $74.00

nVent Electric (NYSE:NVT) had its price objective reduced by The Goldman Sachs Group from $86.00 to $74.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the company. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. CL King raised shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, March 17th. KeyCorp reduced 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. Royal Bank of Canada increased 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. Finally, Citigroup decreased 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. Six 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.com, nVent Electric presently has an average rating of “Buy” and a consensus price target of $77.50.

nVent Electric Stock Performance

Shares of NVT opened at $45.28 on Wednesday. nVent Electric has a 52-week low of $41.90 and a 52-week high of $86.57. The firm has a market capitalization of $7.47 billion, a PE ratio of 23.10, a P/E/G ratio of 1.48 and a beta of 1.21. The firm has a 50-day moving average price of $59.82 and a 200 day moving average price of $68.29. 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 posted its quarterly earnings data on Thursday, February 6th. The company reported $0.59 earnings per share (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%. On average, sell-side analysts anticipate that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 1.77%. nVent Electric’s dividend payout ratio (DPR) is presently 40.82%.

Hedge Funds Weigh In On nVent Electric

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new position in shares of nVent Electric during the fourth quarter valued at $26,000. Capital A Wealth Management LLC purchased a new position in nVent Electric during the 4th quarter valued at about $27,000. Park Square Financial Group LLC acquired a new position in shares of nVent Electric in the 4th quarter valued at about $38,000. Tsfg LLC purchased a new stake in shares of nVent Electric in the fourth quarter worth approximately $51,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of nVent Electric by 547.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 751 shares of the company’s stock worth $51,000 after purchasing an additional 635 shares during the period. 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.