The Goldman Sachs Group Cuts nVent Electric (NYSE:NVT) Price Target to $74.00

nVent Electric (NYSE:NVT) had its price target decreased by analysts at The Goldman Sachs Group from $86.00 to $74.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 34.94% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Barclays reduced their price objective on shares of nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. Citigroup decreased their price objective on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. KeyCorp cut their target price on nVent Electric from $84.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Royal Bank of Canada boosted their target price on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $78.33.

nVent Electric Stock Up 3.0 %

Shares of NYSE:NVT traded up $1.62 during trading hours on Wednesday, reaching $54.84. The stock had a trading volume of 572,760 shares, compared to its average volume of 1,812,305. nVent Electric has a 1 year low of $50.14 and a 1 year high of $86.57. The firm’s 50 day moving average is $61.36 and its 200-day moving average is $68.66. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 27.98, a P/E/G ratio of 1.48 and a beta of 1.31. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.59 EPS for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. Research analysts predict that nVent Electric will post 3.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On nVent Electric

A number of large investors have recently bought and sold shares of NVT. Franklin Resources Inc. boosted its holdings in shares of nVent Electric by 22.1% in the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after acquiring an additional 1,269,335 shares in the last quarter. Capital Research Global Investors acquired a new position in nVent Electric during the 4th quarter worth approximately $384,749,000. State Street Corp raised its stake in shares of nVent Electric by 0.9% during the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after buying an additional 42,465 shares in the last quarter. Norges Bank purchased a new position in shares of nVent Electric during the 4th quarter worth approximately $197,434,000. Finally, Geode Capital Management LLC lifted its holdings 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 buying an additional 29,794 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

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.