KeyCorp Lowers Price Target for nVent Electric Stock

Research analysts at KeyCorp have recently adjusted their price target for nVent Electric (NYSE:NVT) from $84.00 to $75.00. This update was communicated in a research note to investors on Friday. Despite the lowered price target, KeyCorp maintains an "overweight" rating for the stock, indicating that they expect it to outperform the market. The new price target suggests a potential upside of 41.03% from the stock's current price.

Other brokerage firms have also shared their analyses regarding nVent Electric in recent weeks. For instance, CL King upgraded the company from a "neutral" to a "buy" rating with a target price of $70.00, as disclosed in a research report dated March 17th. Barclays has reduced their price objective from $83.00 to $75.00 while keeping an "overweight" rating on the stock. Additionally, Royal Bank of Canada lifted their price target from $85.00 to $86.00 and awarded an "outperform" rating in a report published on February 7th. Citigroup slightly decreased their target from $91.00 to $90.00 but maintains a "buy" rating. In another notable move, Seaport Res Ptn upgraded nVent Electric from a "hold" to a "strong-buy" rating on March 21st. Overall, six analysts rate the stock as a buy, with one giving it a strong buy rating. According to MarketBeat.com, there is a consensus rating of "Buy" with an average target price of $80.50.

Recent Stock Performance

On Friday, nVent Electric's stock experienced a decline of 2.6%, falling by $1.41 during midday trading to reach a share price of $53.18. The trading volume was reported at 132,816 shares, which is significantly lower than its average volume of 1,754,078 shares. Financial indicators show that the company has a current ratio of 1.73, a quick ratio of 1.28, and a debt-to-equity ratio of 0.65. Over the past 12 months, nVent Electric's stock has seen a low of $51.99 and a high of $86.57. Currently, the company has a fifty-day moving average price of $62.58 and a two-hundred-day moving average price of $68.82. Its market capitalization stands at approximately $8.78 billion, with a price-to-earnings (P/E) ratio of 27.12 and a price/earnings to growth (PEG) ratio of 1.48, along with a beta of 1.31.

Earnings Report Preview

nVent Electric last reported its quarterly earnings on February 6th. The company achieved earnings per share (EPS) of $0.59, which met analysts' expectations. With a net margin of 10.09% and a return on equity of 14.52%, analysts are projecting that nVent Electric will report an EPS of 3.04 for the current fiscal year.

Institutional Investor Activity

Recently, several hedge funds have modified their positions in nVent Electric. For example, Charles Schwab Investment Management Inc. increased its stake in the company by 0.3% during the third quarter, owning 1,035,463 shares worth approximately $72.75 million. Citigroup Inc. also raised its position by 3.3%, now holding 62,044 shares valued at about $4.36 million after acquiring an additional 1,959 shares. Additionally, Cerity Partners LLC expanded its stake by 145.7%, now owning 45,248 shares worth $3.18 million. Larson Financial Group LLC raised its holdings by 91.9%, with 378 shares valued at $27,000. Lastly, The Manufacturers Life Insurance Company boosted its stake by 8.2%, owning 212,096 shares worth $14.90 million. Overall, hedge funds and institutional investors control around 90.05% of nVent Electric's stock.

About nVent Electric

nVent Electric plc is a global company that focuses on designing, manufacturing, marketing, installing, and servicing electrical connection and protection solutions. Its operations span across various regions, including North America, Europe, the Middle East, Africa, and the Asia Pacific, and are divided into three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.

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