Barclays Cuts nVent Electric (NYSE:NVT) Price Target to $75.00

nVent Electric (NYSE:NVT) had its target price lowered by Barclays from $83.00 to $75.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

NVT has been the subject of several other reports. Citigroup decreased their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada boosted their target price on shares of nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. Finally, CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, March 17th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, nVent Electric presently has an average rating of “Buy” and a consensus price target of $80.50.

nVent Electric Stock Performance

Shares of nVent Electric stock opened at $52.89 on Wednesday. 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 stock’s fifty day moving average is $62.19 and its two-hundred day moving average is $68.76. nVent Electric has a 52 week low of $51.99 and a 52 week high of $86.57. The company has a market capitalization of $8.73 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.59 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%. As a group, analysts expect that nVent Electric will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 25th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.51%. The ex-dividend date is Friday, April 25th. nVent Electric’s dividend payout ratio is currently 40.82%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Capital Research Global Investors purchased a new stake in shares of nVent Electric during the 4th quarter valued at approximately $384,749,000. Norges Bank purchased a new position in nVent Electric in the fourth quarter valued at $197,434,000. Millennium Management LLC lifted its stake in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock worth $151,017,000 after purchasing an additional 1,953,026 shares during the last quarter. Champlain Investment Partners LLC acquired a new position in shares of nVent Electric in the 4th quarter valued at $86,738,000. Finally, Franklin Resources Inc. increased its position in shares of nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after purchasing an additional 1,269,335 shares in the last quarter. 90.05% of the stock is owned by hedge funds and other 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.