nVent Electric (NYSE:NVT) Reaches New 52-Week Low After Analyst Downgrade

nVent Electric plc (NYSE:NVT - Get Free Report) reached a new 52-week low on Thursday after KeyCorp lowered their price target on the stock from $75.00 to $60.00. KeyCorp currently has an overweight rating on the stock. nVent Electric traded as low as $47.85 and last traded at $48.56, with a volume of 859831 shares. The stock had previously closed at $54.93.

A number of other research analysts have also issued reports on NVT. Barclays reduced their target price on shares of nVent Electric from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Friday. CL King raised shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price objective on the stock in a research note on Monday, March 17th. Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. The Goldman Sachs Group reduced their price target on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, Citigroup lowered their price objective on nVent Electric from $91.00 to $90.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, nVent Electric presently has a consensus rating of "Buy" and an average price target of $75.00.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NVT. Franklin Resources Inc. increased its stake in 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 acquiring an additional 1,269,335 shares during the last quarter. Capital Research Global Investors acquired a new stake in nVent Electric during the 4th quarter worth approximately $384,749,000. State Street Corp raised its holdings in nVent Electric by 0.9% in the third quarter. State Street Corp now owns 5,031,623 shares of the company's stock valued at $353,522,000 after buying an additional 42,465 shares during the period. Norges Bank acquired a new position in nVent Electric during the fourth quarter valued at approximately $197,434,000. Finally, Geode Capital Management LLC lifted its position in nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company's stock valued at $194,894,000 after buying an additional 29,794 shares in the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

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nVent Electric Trading Down 1.1 %

The firm's 50 day simple moving average is $59.48 and its 200-day simple moving average is $68.14. The company has a market capitalization of $7.54 billion, a PE ratio of 23.19, a P/E/G ratio of 1.48 and a beta of 1.21. 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 (NYSE:NVT - Get Free Report) last announced its quarterly 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, equities research analysts anticipate that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Friday, April 25th. nVent Electric's dividend payout ratio is presently 40.82%.

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.