Barclays Cuts nVent Electric (NYSE:NVT) Price Target to $70.00

nVent Electric (NYSE:NVT) had its price target cut by Barclays from $75.00 to $70.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued reports about the stock. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Monday, March 17th. KeyCorp reduced their target price on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. The Goldman Sachs Group lowered their price target on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Citigroup reduced their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Royal Bank of Canada boosted 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. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $77.50.

nVent Electric Trading Down 6.3 %

Shares of NVT opened at $45.28 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. nVent Electric has a 1-year low of $41.90 and a 1-year high of $86.57. The company has a market capitalization of $7.47 billion, a P/E ratio of 23.10, a P/E/G ratio of 1.48 and a beta of 1.21. The firm’s 50 day simple moving average is $59.82 and its 200 day simple moving average is $68.31.

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, hitting analysts’ consensus estimates of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. Sell-side analysts forecast that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.77%. nVent Electric’s dividend payout ratio is currently 40.82%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NVT. Nordea Investment Management AB increased its stake in shares of nVent Electric by 16.9% during the fourth quarter. Nordea Investment Management AB now owns 93,172 shares of the company’s stock valued at $6,378,000 after buying an additional 13,483 shares during the period. Geode Capital Management LLC boosted its holdings in nVent Electric by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after acquiring an additional 29,794 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in nVent Electric during the 4th quarter valued at $1,520,000. TT International Asset Management LTD increased its position in nVent Electric by 20.4% during the 4th quarter. TT International Asset Management LTD now owns 108,395 shares of the company’s stock valued at $7,388,000 after purchasing an additional 18,376 shares during the period. Finally, LVM Capital Management Ltd. MI raised its holdings in nVent Electric by 8.1% in the 4th quarter. LVM Capital Management Ltd. MI now owns 151,221 shares of the company’s stock worth $10,307,000 after purchasing an additional 11,349 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.