Rosenblatt Securities started coverage on shares of nVent Electric (NYSE:NVT) in a research note released on Thursday morning, The Fly reports. The brokerage issued a buy rating and a $28.00 price objective on the stock.
NVT has been the subject of several other reports. KeyCorp dropped their target price on shares of nVent Electric from $32.00 to $29.00 and set an overweight rating for the company in a research report on Monday, October 7th. Royal Bank of Canada cut shares of nVent Electric from an outperform rating to a sector perform rating and dropped their target price for the stock from $30.00 to $24.00 in a research report on Tuesday, October 1st. Zacks Investment Research cut shares of nVent Electric from a hold rating to a sell rating in a research report on Saturday, August 3rd. Barclays reaffirmed a hold rating and issued a $25.00 target price on shares of nVent Electric in a research report on Sunday, August 4th. Finally, Vertical Research cut shares of nVent Electric from a buy rating to a hold rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $26.25.
Shares of NYSE:NVT traded up $0.20 on Thursday, hitting $23.93. The company had a trading volume of 1,014,271 shares, compared to its average volume of 1,231,647. The firm’s 50-day simple moving average is $21.51 and its two-hundred day simple moving average is $23.19. nVent Electric has a 1 year low of $19.04 and a 1 year high of $28.49. The company has a quick ratio of 1.25, a current ratio of 1.84 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 13.75 and a beta of 1.68.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $0.70 dividend on an annualized basis and a yield of 2.93%. nVent Electric’s dividend payout ratio (DPR) is currently 40.23%.
In related news, Director Randall J. Hogan sold 204,605 shares of nVent Electric stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $23.97, for a total transaction of $4,904,381.85. Company insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NVT. Kayne Anderson Rudnick Investment Management LLC purchased a new position in nVent Electric during the 2nd quarter valued at about $47,815,000. Sasco Capital Inc. CT raised its holdings in nVent Electric by 5,247.9% in the second quarter. Sasco Capital Inc. CT now owns 1,160,500 shares of the company’s stock worth $28,769,000 after buying an additional 1,138,800 shares during the last quarter. River Road Asset Management LLC purchased a new position in nVent Electric in the third quarter worth about $23,303,000. Wells Fargo & Company MN raised its holdings in nVent Electric by 314.7% in the second quarter. Wells Fargo & Company MN now owns 1,146,100 shares of the company’s stock worth $28,412,000 after buying an additional 869,741 shares during the last quarter. Finally, Waddell & Reed Financial Inc. purchased a new position in nVent Electric in the second quarter worth about $19,449,000. 85.72% of the stock is owned by institutional investors.
nVent Electric Company Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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