Bank of New York Mellon Corp Buys 32,128 Shares of nVent Electric PLC $NVT

Bank of New York Mellon Corp grew its stake in nVent Electric PLC (NYSE:NVT) by 1.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,715,006 shares of the company’s stock after acquiring an additional 32,128 shares during the period. Bank of New York Mellon Corp’s holdings in nVent Electric were worth $169,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of NVT. Norges Bank acquired a new stake in nVent Electric during the 2nd quarter worth approximately $234,290,000. Massachusetts Financial Services Co. MA increased its position in nVent Electric by 146.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,195,543 shares of the company’s stock worth $234,074,000 after buying an additional 1,896,749 shares during the period. Merewether Investment Management LP bought a new position in nVent Electric during the 2nd quarter worth $78,222,000. William Blair Investment Management LLC lifted its holdings in shares of nVent Electric by 29.5% during the second quarter. William Blair Investment Management LLC now owns 3,113,936 shares of the company’s stock worth $228,096,000 after buying an additional 709,464 shares in the last quarter. Finally, Valeo Financial Advisors LLC bought a new stake in shares of nVent Electric in the second quarter valued at about $48,443,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

Insider Activity at nVent Electric

In other nVent Electric news, CEO Beth Wozniak sold 4,137 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $110.35, for a total transaction of $456,517.95. Following the sale, the chief executive officer owned 47,984 shares of the company’s stock, valued at approximately $5,295,034.40. The trade was a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sara E. Zawoyski sold 115,557 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $112.78, for a total value of $13,032,518.46. Following the completion of the transaction, the insider owned 66,680 shares of the company’s stock, valued at $7,520,170.40. The trade was a 63.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 163,228 shares of company stock worth $18,345,001 in the last ninety days. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

NVT has been the subject of several analyst reports. KeyCorp lifted their price objective on shares of nVent Electric from $103.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Wall Street Zen upgraded nVent Electric from a “buy” rating to a “strong-buy” rating in a research note on Sunday, January 18th. UBS Group assumed coverage on nVent Electric in a report on Thursday, November 20th. They issued a “buy” rating and a $128.00 price objective for the company. Citigroup upped their target price on nVent Electric from $114.00 to $131.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $136.00 price target on shares of nVent Electric in a research note on Thursday, January 15th. Nine analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $123.63.

nVent Electric Trading Down 2.9%

Shares of NVT stock opened at $112.25 on Friday. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $117.52. The stock’s fifty day moving average price is $106.45 and its two-hundred day moving average price is $98.86. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.11 and a current ratio of 1.57. The company has a market cap of $18.11 billion, a PE ratio of 30.92, a P/E/G ratio of 1.24 and a beta of 1.34.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Friday, October 31st. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. nVent Electric had a return on equity of 14.29% and a net margin of 16.83%.nVent Electric’s revenue was up 34.8% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. Equities analysts predict that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Investors of record on Friday, January 23rd will be issued a dividend of $0.21 per share. This is a boost from nVent Electric’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $0.84 annualized dividend and a dividend yield of 0.7%. nVent Electric’s payout ratio is presently 23.14%.

nVent Electric Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.