nVent Electric (NYSE:NVT) Upgraded to “Buy” at CL King

CL King upgraded shares of nVent Electric (NYSE:NVT) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. CL King currently has $70.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. Barclays dropped their target price on shares of nVent Electric from $88.00 to $83.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. Royal Bank of Canada upped 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. Finally, Citigroup decreased their target price on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, nVent Electric has a consensus rating of “Buy” and a consensus target price of $83.33.

nVent Electric Price Performance

NYSE:NVT opened at $56.87 on Monday. The stock has a 50 day moving average of $64.13 and a two-hundred day moving average of $69.14. nVent Electric has a 12 month low of $51.99 and a 12 month high of $86.57. The firm has a market cap of $9.38 billion, a P/E ratio of 29.01, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. On average, analysts expect that nVent Electric will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, April 25th. This represents a $0.80 annualized dividend and a yield of 1.41%. nVent Electric’s payout ratio is 40.82%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its holdings in shares of nVent Electric by 22.1% during the 3rd 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 during the period. Capital Research Global Investors purchased a new position in nVent Electric during the fourth quarter worth about $384,749,000. State Street Corp increased its position in shares of nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after acquiring an additional 42,465 shares during the last quarter. Norges Bank acquired a new stake in shares of nVent Electric during the fourth quarter valued at about $197,434,000. Finally, Geode Capital Management LLC raised its stake in shares of nVent Electric by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after acquiring an additional 29,794 shares during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

About nVent Electric

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.