nVent Electric (NYSE:NVT) Price Target Raised to $72.00

nVent Electric (NYSE:NVT) had its target price hoisted by KeyCorp from $60.00 to $72.00 in a report issued on Monday morning, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the stock.

NVT has been the topic of a number of other reports. Royal Bank of Canada upped their target price on shares of nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Barclays lowered their target price on shares of nVent Electric from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. The Goldman Sachs Group decreased their price objective on nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Citigroup cut their target price on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $70.00.

nVent Electric Stock Performance

nVent Electric stock opened at $60.21 on Monday. The stock has a 50-day simple moving average of $53.64 and a 200 day simple moving average of $65.11. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 30.72, a P/E/G ratio of 1.48 and a beta of 1.24. 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 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 Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The company had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. nVent Electric’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 earnings per share. On average, research analysts anticipate that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, April 25th. nVent Electric’s dividend payout ratio is currently 22.86%.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of NVT. Capital Research Global Investors bought a new position in shares of nVent Electric during the 4th quarter worth approximately $384,749,000. Norges Bank acquired a new position in shares of nVent Electric in the fourth quarter valued at $197,434,000. Millennium Management LLC raised its position in shares of nVent Electric by 743.7% in the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock valued at $151,017,000 after purchasing an additional 1,953,026 shares during the period. Champlain Investment Partners LLC acquired a new stake in shares of nVent Electric during the 4th quarter worth about $86,738,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of nVent Electric by 145.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,466,560 shares of the company’s stock worth $99,961,000 after buying an additional 869,906 shares during the period. Institutional investors own 90.05% of the company’s stock.

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.