Sei Investments Co. Raises Holdings in nVent Electric PLC $NVT

Sei Investments Co. increased its holdings in nVent Electric PLC (NYSE:NVT) by 8.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 114,640 shares of the company’s stock after purchasing an additional 8,579 shares during the quarter. Sei Investments Co.’s holdings in nVent Electric were worth $13,559,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NVT. Cetera Investment Advisers increased its holdings in shares of nVent Electric by 7.3% in the 1st quarter. Cetera Investment Advisers now owns 95,134 shares of the company’s stock valued at $11,252,000 after acquiring an additional 6,435 shares during the period. Levin Capital Strategies L.P. bought a new position in shares of nVent Electric in the 1st quarter worth $12,023,000. NewEdge Wealth LLC lifted its stake in shares of nVent Electric by 4.4% during the 1st quarter. NewEdge Wealth LLC now owns 2,734 shares of the company’s stock worth $323,000 after purchasing an additional 114 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of nVent Electric by 32.8% during the 1st quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock worth $200,647,000 after purchasing an additional 419,239 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in nVent Electric by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 40,014 shares of the company’s stock valued at $4,733,000 after purchasing an additional 3,252 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Price Performance

Shares of NYSE:NVT opened at $144.96 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.21 and a debt-to-equity ratio of 0.41. nVent Electric PLC has a twelve month low of $78.11 and a twelve month high of $184.64. The company’s 50 day moving average is $162.22 and its 200 day moving average is $138.79. The company has a market cap of $23.44 billion, a PE ratio of 48.16, a price-to-earnings-growth ratio of 1.26 and a beta of 1.36.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Friday, May 1st. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.94 by $0.15. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.11 billion. nVent Electric had a net margin of 11.37% and a return on equity of 16.82%. The business’s revenue for the quarter was up 53.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.67 EPS. On average, sell-side analysts forecast that nVent Electric PLC will post 4.56 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 24th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, July 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. nVent Electric’s payout ratio is currently 27.91%.

nVent Electric announced that its board has approved a stock repurchase program on Saturday, May 16th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. KeyCorp lifted their target price on nVent Electric from $140.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. Robert W. Baird began coverage on shares of nVent Electric in a research report on Wednesday, July 15th. They set an “outperform” rating and a $188.00 price target for the company. Wolfe Research restated an “outperform” rating and issued a $191.00 price target on shares of nVent Electric in a report on Thursday, July 9th. Sanford C. Bernstein set a $220.00 price objective on shares of nVent Electric in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of nVent Electric from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, nVent Electric currently has a consensus rating of “Buy” and a consensus target price of $190.57.

Insider Buying and Selling

In other nVent Electric news, CAO Randolph A. Wacker sold 4,094 shares of nVent Electric stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $165.57, for a total transaction of $677,843.58. Following the completion of the transaction, the chief accounting officer owned 49,873 shares in the company, valued at approximately $8,257,472.61. This trade represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sara E. Zawoyski sold 29,412 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $172.49, for a total value of $5,073,275.88. Following the completion of the transaction, the insider directly owned 97,068 shares of the company’s stock, valued at approximately $16,743,259.32. This trade represents a 23.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 87,685 shares of company stock valued at $14,961,768 in the last 90 days. 1.70% of the stock is currently owned by insiders.

nVent Electric Company 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.