Commonwealth Equity Services LLC Lowers Stake in nVent Electric plc (NYSE:NVT)

Commonwealth Equity Services LLC lowered its stake in shares of nVent Electric plc (NYSE:NVT) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,409 shares of the company’s stock after selling 596 shares during the quarter. Commonwealth Equity Services LLC’s holdings in nVent Electric were worth $1,916,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Clean Energy Transition LLP raised its position in shares of nVent Electric by 1.6% during the 4th quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after buying an additional 39,169 shares in the last quarter. Congress Asset Management Co. MA raised its position in nVent Electric by 1.2% in the 1st quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock worth $167,338,000 after purchasing an additional 26,897 shares during the period. Norges Bank purchased a new position in nVent Electric in the 4th quarter worth $109,630,000. Fiduciary Management Inc. WI raised its position in nVent Electric by 1.8% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,772,270 shares of the company’s stock worth $104,723,000 after purchasing an additional 31,621 shares during the period. Finally, Principal Financial Group Inc. raised its position in nVent Electric by 7.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,691,987 shares of the company’s stock worth $127,576,000 after purchasing an additional 113,300 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Trading Down 2.2 %

Shares of NVT traded down $1.67 during trading hours on Friday, reaching $75.65. 564,581 shares of the company traded hands, compared to its average volume of 1,387,987. nVent Electric plc has a 12 month low of $45.60 and a 12 month high of $86.57. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average price is $78.97 and its two-hundred day moving average price is $70.28. The company has a market capitalization of $12.56 billion, a price-to-earnings ratio of 22.02, a price-to-earnings-growth ratio of 1.69 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.04. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The company had revenue of $874.60 million for the quarter, compared to analysts’ expectations of $864.14 million. During the same quarter in the previous year, the company earned $0.67 earnings per share. nVent Electric’s quarterly revenue was up 18.0% on a year-over-year basis. Equities research analysts predict that nVent Electric plc will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Friday, July 19th. nVent Electric’s dividend payout ratio is currently 22.16%.

Analyst Ratings Changes

NVT has been the topic of a number of analyst reports. Royal Bank of Canada decreased their target price on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating on the stock in a research report on Monday, May 6th. Citigroup lifted their target price on shares of nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of nVent Electric in a research report on Monday, March 11th. They issued a “buy” rating and a $83.00 target price on the stock. The Goldman Sachs Group boosted their price objective on shares of nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Barclays boosted their price objective on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.00.

nVent Electric Profile

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.