KeyCorp Forecasts Strong Price Appreciation for nVent Electric (NYSE:NVT) Stock

nVent Electric (NYSE:NVT - Get Free Report) had its price target raised by equities research analysts at KeyCorp from $60.00 to $72.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price target would indicate a potential upside of 17.58% from the stock's previous close.

NVT has been the topic of several other reports. 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. Citigroup reduced their target price on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research report on Monday, April 14th. CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price objective for the company in a report on Monday, March 17th. Royal Bank of Canada boosted their price target 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. Finally, The Goldman Sachs Group lowered their price target on nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $71.00.

nVent Electric Stock Performance

nVent Electric stock traded up $1.61 during trading hours on Monday, hitting $61.23. 802,181 shares of the stock traded hands, compared to its average volume of 1,907,712. nVent Electric has a 1 year low of $41.71 and a 1 year high of $86.57. The stock has a market capitalization of $10.08 billion, a price-to-earnings ratio of 31.24, a P/E/G ratio of 1.48 and a beta of 1.24. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The firm's 50 day moving average price is $53.63 and its 200-day moving average price is $65.27.

nVent Electric (NYSE:NVT - Get Free Report) last posted its earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The company had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The firm's quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. As a group, equities analysts expect that nVent Electric will post 3.04 EPS for the current fiscal year.

Institutional Trading of nVent Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of NVT. Capital Research Global Investors acquired a new position in nVent Electric in the fourth quarter valued at $384,749,000. Norges Bank acquired a new stake in nVent Electric in the 4th quarter valued at about $197,434,000. Millennium Management LLC lifted its holdings 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 in the last quarter. Champlain Investment Partners LLC acquired a new stake in shares of nVent Electric in the fourth quarter valued at approximately $86,738,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake 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 purchasing an additional 869,906 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

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.

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