Citigroup Has Lowered Expectations for nVent Electric (NYSE:NVT) Stock Price
Citigroup has lowered its price target for nVent Electric (NYSE:NVT) from $85.00 to $59.00 while maintaining a "buy" rating. This adjustment suggests a potential upside of 17.91% from the current stock price. Other firms have also revised their targets, with KeyCorp setting a new target of $60.00 and Goldman Sachs at $74.00. Currently, nVent Electric has an average rating of "Buy" with a target price of $69.00. The stock traded at $50.04, with a market cap of $8.24 billion and a PE ratio of 25.53.
nVent Electric (NYSE:NVT - Get Free Report) had its price target decreased by equities researchers at Citigroup from $85.00 to $59.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price target indicates a potential upside of 17.91% from the stock's current price.
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Several other research firms have also recently commented on NVT. KeyCorp reduced their price target on nVent Electric from $75.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. CL King raised shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target on the stock in a research note on Monday, March 17th. The Goldman Sachs Group reduced their target price on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Seaport Res Ptn raised nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Finally, Royal Bank of Canada raised their price objective on shares of nVent Electric from $85.00 to $86.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, nVent Electric presently has an average rating of "Buy" and an average target price of $69.00.
Read Our Latest Stock Analysis on NVT
nVent Electric Price Performance
Shares of nVent Electric stock traded up $0.18 during mid-day trading on Monday, reaching $50.04. 1,956,524 shares of the stock traded hands, compared to its average volume of 1,884,625. The stock has a market capitalization of $8.24 billion, a PE ratio of 25.53, a PEG 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 has a fifty-two week low of $41.71 and a fifty-two week high of $86.57. The business has a 50-day moving average of $57.63 and a 200 day moving average of $67.25.
nVent Electric (NYSE:NVT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (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%. On average, analysts predict that nVent Electric will post 3.04 EPS for the current year.
Hedge Funds Weigh In On nVent Electric
Hedge funds and other institutional investors have recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of nVent Electric in the fourth quarter valued at about $26,000. Capital A Wealth Management LLC bought a new position in shares of nVent Electric in the fourth quarter valued at $27,000. Whipplewood Advisors LLC increased its position in shares of nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Park Square Financial Group LLC purchased a new position in shares of nVent Electric during the 4th quarter valued at $38,000. Finally, Tsfg LLC bought a new position in shares of nVent Electric in the fourth quarter worth $51,000. 90.05% of the stock is owned by institutional investors.
nVent Electric Company Profile
(Get Free Report)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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