KeyCorp Lowers nVent Electric (NYSE:NVT) Price Target to $75.00

nVent Electric (NYSE:NVT) had its price target lowered by investment analysts at KeyCorp from $84.00 to $75.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 41.81% from the stock’s current price.

Several other research firms also recently weighed in on NVT. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. Barclays decreased their price objective on shares of nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday. Citigroup lowered their price objective on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, January 13th. CL King raised shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Monday, March 17th. Finally, Royal Bank of Canada boosted their price target on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, nVent Electric currently has a consensus rating of “Buy” and an average target price of $80.50.

nVent Electric Stock Performance

NVT opened at $52.89 on Friday. The firm has a market cap of $8.73 billion, a P/E ratio of 26.98, a PEG ratio of 1.48 and a beta of 1.31. nVent Electric has a 1-year low of $51.99 and a 1-year high of $86.57. The company has a 50 day simple moving average of $62.19 and a two-hundred day simple moving average of $68.80. 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 (NYSE:NVT) last issued 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%. Equities analysts forecast that nVent Electric will post 3.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On nVent Electric

Several institutional investors have recently bought and sold shares of the business. Crews Bank & Trust bought a new stake in nVent Electric during the 4th quarter valued at $26,000. Larson Financial Group LLC lifted its stake in shares of nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. Capital A Wealth Management LLC bought a new stake in nVent Electric during the fourth quarter valued at about $27,000. Park Square Financial Group LLC purchased a new position in nVent Electric in the fourth quarter valued at about $38,000. Finally, Brooklyn Investment Group bought a new position in nVent Electric in the third quarter worth about $44,000. 90.05% of the stock is 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.