Citigroup Lowers nVent Electric (NYSE:NVT) Price Target to $59.00

nVent Electric (NYSE:NVT) had its price objective cut by stock analysts at Citigroup from $85.00 to $59.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 16.68% from the company’s current price.

Several other equities analysts also recently commented on the company. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Barclays dropped their price target on nVent Electric from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Royal Bank of Canada boosted their price objective on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp cut their target price on shares of nVent Electric from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group cut their price objective on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, nVent Electric presently has an average rating of “Buy” and a consensus price target of $69.00.

nVent Electric Stock Performance

NVT stock opened at $50.57 on Monday. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65. The firm has a market cap of $8.33 billion, a PE ratio of 25.80, a P/E/G ratio of 1.48 and a beta of 1.21. The business has a 50 day moving average of $57.06 and a 200-day moving average of $66.99. nVent Electric has a 12-month low of $41.71 and a 12-month high of $86.57.

nVent Electric (NYSE:NVT) last announced its earnings results 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 return on equity of 14.52% and a net margin of 10.09%. As a group, sell-side analysts expect that nVent Electric will post 3.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Fifth Third Bancorp raised its position in shares of nVent Electric by 41.4% in the first quarter. Fifth Third Bancorp now owns 2,811 shares of the company’s stock worth $147,000 after buying an additional 823 shares in the last quarter. CX Institutional purchased a new stake in shares of nVent Electric in the 1st quarter valued at about $54,000. Handelsbanken Fonder AB boosted its position in shares of nVent Electric by 25.1% during the 1st quarter. Handelsbanken Fonder AB now owns 545,354 shares of the company’s stock valued at $28,587,000 after acquiring an additional 109,430 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of nVent Electric during the 1st quarter valued at about $815,000. Finally, GAMMA Investing LLC grew its holdings in shares of nVent Electric by 74.3% during the first quarter. GAMMA Investing LLC now owns 3,476 shares of the company’s stock worth $182,000 after purchasing an additional 1,482 shares in the last quarter. 90.05% of the stock is owned by institutional investors.

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.