State Board of Administration of Florida Retirement System lessened its stake in shares of nVent Electric plc (NYSE:NVT) by 1.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,993 shares of the company’s stock after selling 3,833 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.13% of nVent Electric worth $6,821,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Ceredex Value Advisors LLC increased its position in nVent Electric by 3.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,180,229 shares of the company’s stock worth $38,157,000 after purchasing an additional 34,829 shares in the last quarter. Meeder Asset Management Inc. increased its position in nVent Electric by 888.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 11,134 shares of the company’s stock worth $360,000 after purchasing an additional 10,008 shares in the last quarter. Citizens Financial Group Inc RI purchased a new stake in nVent Electric during the 3rd quarter worth about $313,000. Advisor Group Holdings Inc. boosted its stake in nVent Electric by 13.1% in the 3rd quarter. Advisor Group Holdings Inc. now owns 32,423 shares of the company’s stock worth $1,050,000 after buying an additional 3,746 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in nVent Electric by 0.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 81,841 shares of the company’s stock worth $2,645,000 after buying an additional 587 shares during the last quarter. Hedge funds and other institutional investors own 86.14% of the company’s stock.
A number of analysts have issued reports on the company. KeyCorp raised their price target on nVent Electric from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, October 29th. TheStreet raised nVent Electric from a “c+” rating to a “b” rating in a research note on Monday, October 18th. Zacks Investment Research raised nVent Electric from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Friday, November 26th. Finally, Vertical Research raised nVent Electric from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Monday, January 3rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $41.17.
nVent Electric (NYSE:NVT) last released its quarterly earnings data on Thursday, October 28th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.05. The business had revenue of $601.00 million for the quarter, compared to analyst estimates of $599.16 million. nVent Electric had a return on equity of 12.99% and a net margin of 10.93%. The company’s revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. On average, equities research analysts expect that nVent Electric plc will post 1.95 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 4th. Stockholders of record on Friday, January 21st will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Thursday, January 20th. nVent Electric’s dividend payout ratio is currently 46.67%.
In related news, insider Joseph A. Ruzynski sold 4,765 shares of the business’s stock in a transaction that occurred on Tuesday, December 28th. The stock was sold at an average price of $37.83, for a total transaction of $180,259.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Randall J. Hogan sold 58,286 shares of the business’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $37.59, for a total value of $2,190,970.74. The disclosure for this sale can be found here. Insiders sold a total of 195,467 shares of company stock worth $7,371,259 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.
About nVent Electric
nVent Electric Plc engages in the provision of electrical connection and protection solutions. It operates through the following segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. The Enclosures segment offers solutions that protect, connect, and manage heat in critical electronics, communication, control, and power equipment.
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