Jennison Associates LLC Takes $22.78 Million Position in nVent Electric plc (NYSE:NVT)

Jennison Associates LLC purchased a new stake in nVent Electric plc (NYSE:NVT) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 302,172 shares of the company’s stock, valued at approximately $22,784,000. Jennison Associates LLC owned about 0.18% of nVent Electric as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NVT. Norges Bank acquired a new stake in shares of nVent Electric in the fourth quarter valued at about $109,630,000. Balyasny Asset Management L.P. grew its position in nVent Electric by 201.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock worth $82,802,000 after buying an additional 937,149 shares in the last quarter. Schroder Investment Management Group acquired a new stake in nVent Electric during the fourth quarter worth about $51,781,000. Goldman Sachs Group Inc. grew its position in nVent Electric by 50.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock worth $96,519,000 after buying an additional 547,624 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its position in nVent Electric by 2,475.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 558,714 shares of the company’s stock worth $33,014,000 after buying an additional 537,020 shares in the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVT has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their target price on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada cut their target price on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, May 6th. Citigroup boosted their price objective 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. Barclays upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of nVent Electric in a research report on Monday, March 11th. They set a “buy” rating and a $83.00 target price for the company. One research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

nVent Electric Stock Down 0.2 %

NYSE:NVT traded down $0.17 on Tuesday, hitting $76.55. 365,002 shares of the company’s stock were exchanged, compared to its average volume of 1,383,989. The firm has a 50-day moving average price of $79.00 and a 200-day moving average price of $70.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57. The company has a market cap of $12.71 billion, a P/E ratio of 22.38, a price-to-earnings-growth ratio of 1.66 and a beta of 1.31.

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

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.99%. nVent Electric’s payout ratio is presently 22.16%.

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.