Meritage Portfolio Management Cuts Stock Holdings in nVent Electric plc (NYSE:NVT)


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Meritage Portfolio Management reduced its position in shares of nVent Electric plc (NYSE:NVT) by 52.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,719 shares of the company’s stock after selling 81,784 shares during the period. Meritage Portfolio Management’s holdings in nVent Electric were worth $2,030,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. River & Mercantile Asset Management LLP purchased a new position in nVent Electric during the fourth quarter worth about $6,024,000. Strs Ohio increased its holdings in nVent Electric by 13.0% in the third quarter. Strs Ohio now owns 62,617 shares of the company’s stock valued at $1,107,000 after buying an additional 7,227 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in nVent Electric by 273.2% in the fourth quarter. Nuveen Asset Management LLC now owns 2,307,193 shares of the company’s stock valued at $53,734,000 after buying an additional 1,688,904 shares in the last quarter. Ellevest Inc. increased its holdings in nVent Electric by 48.2% in the fourth quarter. Ellevest Inc. now owns 5,745 shares of the company’s stock valued at $134,000 after buying an additional 1,869 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in nVent Electric by 7.2% in the fourth quarter. Rhumbline Advisers now owns 459,468 shares of the company’s stock valued at $10,701,000 after buying an additional 30,682 shares in the last quarter. 85.88% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on NVT shares. Zacks Investment Research raised shares of nVent Electric from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Wednesday, April 28th. Barclays increased their target price on shares of nVent Electric from $39.00 to $44.00 and gave the company an “overweight” rating in a report on Monday. Rosenblatt Securities increased their price target on shares of nVent Electric from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Monday. Royal Bank of Canada increased their price target on shares of nVent Electric from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, March 4th. Finally, KeyCorp increased their price target on shares of nVent Electric from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday. Six research analysts have rated the stock with a buy rating, nVent Electric has an average rating of “Buy” and an average price target of $35.17.

Shares of NYSE NVT opened at $30.64 on Tuesday. nVent Electric plc has a 1 year low of $15.60 and a 1 year high of $31.20. The firm’s 50 day moving average price is $28.99 and its 200 day moving average price is $24.58. The firm has a market cap of $5.15 billion, a P/E ratio of -105.66 and a beta of 1.53. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.41 and a current ratio of 1.99.

nVent Electric (NYSE:NVT) last announced its earnings results on Thursday, April 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.08. nVent Electric had a negative net margin of 2.39% and a positive return on equity of 10.35%. As a group, equities analysts predict that nVent Electric plc will post 1.49 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 7th. Investors of record on Friday, April 23rd will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, April 22nd. This represents a $0.70 dividend on an annualized basis and a yield of 2.28%. nVent Electric’s dividend payout ratio (DPR) is currently 39.33%.

nVent Electric Profile

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Western and Eastern Europe included in European Union, China, Eastern Europe not included in European Union, Latin America, the Middle East, Southeast Asia, Australia, and Japan.

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Institutional Ownership by Quarter for nVent Electric (NYSE:NVT)

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